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Stock Market & Financial Investment News

News Breaks
August 30, 2013
08:49 EDTAPA, SNPApache sale of Egypt stake positive, says Wells Fargo
After Apache (APA) announced that it had sold a 33% stake in its Egypt business to Sinopec (SNP) for $3.1B, Wells Fargo thinks the deal will be positive for Apache's stock, as most on the Street had doubted whether the company could monetize its Egyptian assets, according to Wells. The firm thinks the deal will cause investors to focus more attention on Apache's U.S. assets. It keeps an Outperform rating on the stock.
News For APA;SNP From The Last 14 Days
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February 2, 2016
15:16 EDTAPAS&P takes rating actions on U.S. investment-grade E&P companies
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January 29, 2016
07:36 EDTAPAAnalysts still predicting mergers as oil slump drags on, WSJ reports
Bankers and analysts have been predicting a wave of merger activity will come almost since crude prices began to fall from over $100 a barrel, but the only big acquisition by an oil major so far has been Shell's (RDS.A) purchase of BG Group (BRGYY), said The Wall Street Journal, which added that analysts still believe deal-making is likely to return this year if prices continue to languish. With Chevron (CVX) set to report today and its big peers soon to follow, analysts are expecting the four biggest publicly traded Western oil companies to have their weakest combined profits since 1998, the Journal noted. The report noted that U.S. shale oil producers, such as Apache (APA) and Whiting Petroleum (WLL), were previously targeted though potential sellers were reluctant to accept offers as they hoped for a rebound in oil prices and potential buyers wondered if any deal struck would look expensive if crude prices fell further, but "both impediments are gone now," the Journal contends. Reference Link

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