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Stock Market & Financial Investment News

News Breaks
August 30, 2013
10:31 EDTSNP, APAApache advances after selling stake in Egypt business
Shares of energy explorer Apache (APA) are climbing after the company announced that it had sold a 33% stake in its Egyptian business to a Chinese company. WHAT'S NEW: Apache last night announced that it had sold a 33% stake in its Egyptian oil and gas business to China's Sinopec International Petroleum (SNP). Apache noted that it would continue to operate its Egypt upstream oil and gas business. ANALYST REACTION: A number of analysts reacted positively to the news. The transaction is "a game-changer," Deutsche Bank analyst Stephen Richardson wrote in a note to investors. The deal enables Apache to obtain significant value from an asset to which the market had given low value, he believes. As a result of the deal, Egyptian assets constitute only 15% of Apache's production, down from 20% last year, the analyst wrote. He kept a $105 price target and Buy rating on the shares. Similarly, Wells Fargo analyst David Tameron wrote that the deal is positive for Apache's stock, as many on the Street had doubted whether the company could sell its Egyptian assets for a significant amount. Apache received a much higher value for the assets than the Street had expected, and the company can use the funds to reduce its debt or buy back more of its shares, added Tameron. Moreover, the transaction could force those shorting the stock to buy back shares, propelling the shares higher, Tameron believes. He kept an Outperform rating on the stock. PRICE ACTION: In mid-morning trading, Apache climbed $6.30, or 8%, to $85.
News For APA;SNP From The Last 14 Days
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April 22, 2015
10:25 EDTAPANomura U.S. energy analysts hold an analyst/industry conference call
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10:02 EDTAPAOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Alcoa (AA) initiated with a Neutral at Cleveland Research... American Electric (AEP) initiated with a Neutral at Guggenheim... American Water (AWK) initiated with a Buy at Guggenheim... Anadarko (APC) initiated with a Buy at Nomura... Apache (APA) initiated with a Reduce at Nomura... Associated Banc Corp (ASB) initiated with a Market Perform at Wells Fargo... Cabot Oil & Gas (COG) initiated with a Neutral at Nomura... Canadian Natural (CNQ) initiated with a Buy at Nomura... Cenovus Energy (CVE) initiated with a Reduce at Nomura... Chesapeake (CHK) initiated with a Reduce at Nomura... Cimarex Energy (XEC) initiated with a Neutral at Nomura... Communications Sales & Leasing (CSAL) initiated with an Overweight at Stephens... Concho Resources (CXO) initiated with a Buy at Nomura... Consolidated Edison (ED) initiated with a Neutral at Guggenheim... Continental Resources (CLR) initiated with a Buy at Nomura... DTE Energy (DTE) initiated with a Buy at Guggenheim... Denbury Resources (DNR) initiated with a Reduce at Nomura... Depomed (DEPO) initiated with an Overweight at Piper Jaffray... Devon Energy (DVN) initiated with a Neutral at Nomura... Dominion (D) initiated with a Buy at Guggenheim... Duke Energy (DUK) initiated with a Buy at Guggenheim... EOG Resources (EOG) initiated with a Buy at Nomura... Edison International (EIX) initiated with a Neutral at Guggenheim... Encana (ECA) initiated with a Buy at Nomura... Entergy (ETR) initiated with a Neutral at Guggenheim... Eversource (ES) initiated with a Buy at Guggenheim... Exelon (EXC) initiated with a Buy at Guggenheim... FirstEnergy (FE) initiated with a Neutral at Guggenheim... Great Plains Energy (GXP) initiated with a Buy at Guggenheim... Hess Corp. (HES) initiated with a Neutral at Nomura... Marathon Oil (MRO) initiated with a Buy at Nomura... Media General (MEG) initiated with a Neutral at Nomura... Medley Capital (MCC) initiated with a Buy at Janney Capital... Murphy Oil (MUR) initiated with a Neutral at Nomura... Newfield Exploration (NFX) initiated with a Buy at Nomura... Newtek Business Services (NEWT) initiated with a Neutral at Ladenburg... NextEra Energy (NEE) initiated with a Buy at Guggenheim... Noble Energy (NBL) initiated with a Reduce at Nomura... Oasis Petroleum (OAS) initiated with a Neutral at Nomura... PG&E (PCG) initiated with a Neutral at Guggenheim... PPL Corp. (PPL) initiated with a Buy at Guggenheim... PSEG (PEG) initiated with a Buy at Guggenheim... Pernix Therapeutics (PTX) initiated with an Overweight at Piper Jaffray... Pinnacle West (PNW) initiated with a Neutral at Guggenheim... Pioneer Natural (PXD) initiated with a Buy at Nomura... RSP Permian (RSPP) initiated with a Buy at Wunderlich... Range Resources (RRC) initiated with a Buy at Nomura... STMicroelectronics (STM) initiated with a Buy at Craig-Hallum... Southern Company (SO) initiated with a Neutral at Guggenheim... Southwestern Energy (SWN) initiated with a Neutral at Nomura... Starz (STRZA) initiated with a Sector Perform at FBN Securities... Stellus Capital (SCM) initiated with a Neutral at Janney Capital... Suncor (SU) initiated with a Buy at Nomura... TECO Energy (TE) initiated with a Neutral at Guggenheim... Tribune Media (TRCO) initiated with a Hold at Jefferies... Ultra Petroleum (UPL) initiated with a Neutral at Nomura... Whiting Petroleum (WLL) initiated with a Neutral at Nomura... Zogenix (ZGNX) initiated with an Overweight at Piper Jaffray... bluebird bio (BLUE) initiated with a Buy at Maxim.
07:14 EDTAPAApache initiated with a Reduce at Nomura
Target $63.
April 20, 2015
08:32 EDTAPABofA/Merrill European strategists hold an analyst/industry conference call
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