Fly News Breaks for December 17, 2019
Dec 17, 2019 | 07:32 EDT
Guggenheim analyst Subash Chandra said yesterday's advance in shares of WPX Energy speaks to the valuation and timing of the $2.5B Felix Upstream acquisition, adding that WPX was able to "pull off a rarity," namely a positive Permian acquisition. WPX was able to buy Felix on accretive metrics and won't inherit any debt, while the "timing is right" given that Felix transitions to free cash flow this year, Chandra stated. The analyst raised the price target on WPX shares to $17 from $16 following the deal announcement and keeps a Buy rating on the stock.
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