New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 30, 2013
10:31 EDTAPA, SNPApache 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
Check below for free stories on APA;SNP the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
September 16, 2014
13:59 EDTAPAApache looking to raise up to $840M for Alberta assets, The Globe and Mail says
Subscribe for More Information
09:59 EDTSNPOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
07:50 EDTSNPSinopec downgraded to Market Perform from Outperform at Bernstein
Bernstein downgraded Sinopec as the firm was disappointed by the price the company received for its Marketing Co subsidiary. The firm also thinks that Sinopec's decision to acquire the petrochemical assets of Yizheng Company is misguided.
September 15, 2014
09:59 EDTSNPOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
09:24 EDTSNPSinopec upgraded to Hold from Underperform at Jefferies
September 14, 2014
21:37 EDTSNPSinopec sells RMB107B stake in Marketing Co subsidiary
Subscribe for More Information
September 10, 2014
09:06 EDTAPAEgypt signs two oil exploration deals with Apache, Reuters reports
Egypt's state news agency MENA reported that the country signed two oil exploration deals worth at least $44M with Apache, reported Reuters. Reference Link
September 3, 2014
08:55 EDTAPAApache may put LNG project stakes in spin-out, Reuters reports
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use