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Fly News Breaks for October 14, 2019
JAG, PE
Oct 14, 2019 | 15:00 EDT
Goldman Sachs analyst Brian Singer said his talks with investors suggest that Parsley Energy's (PE) proposed acquisition of Jagged Peak Energy (JAG) came as a surprise given that the former has been executing well on targets within its legacy acreage. While he offers no view on the likelihood of the takeover closing, Singer thinks investors will focus on pro-forma free cash flow, given that the company hasn't provided specific guidance around its expectations for combined company free cash flow, and Parsley's ability to demonstrate proposed synergies from the deal. On its conference call, Parsley noted that it sees the acquisition adding more years of high-quality inventory as opposed to being a sign of legacy degradation, said Singer. The analyst, who said the company's pro-forma oil guidance could be conservative, keeps a Buy rating on Parsley shares.
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