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Stock Market & Financial Investment News

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December 12, 2013
17:34 EDTAPCAnadarko down almost 8% after Kerr-McGee held liable in Tronox case
News For APC From The Last 14 Days
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April 7, 2014
07:26 EDTAPCAnadarko downgraded to Accumulate from Buy at KLR Group
KLR Group downgraded Anadarko to Accumulate saying the share rally following the Tronox settlement is an overreaction. The firm raised its price target for shares to $114 from $113.
06:31 EDTAPCStocks with implied volatility below IV index mean; APC PLUG
Stocks with implied volatility below IV index mean; Anadarko (APC) 27, Plug Power (PLUG) 143 according to iVolatility.
April 4, 2014
17:24 EDTAPCAnadarko rally may not be over, Barron's reports
Shares of Anadarko have rallied more than 15% over the past two sessions on the heels of the announcement that it settled fraud claims from its 2006 acquisition of Kerr-McGee, and they could rise even more, Barron's reports. Reference Link
17:12 EDTAPCMarket finishes mixed as Nasdaq sells off into weekend
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16:30 EDTAPCOn The Fly: Closing Wrap
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10:02 EDTAPCOn The Fly: Analyst Upgrade Summary
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08:14 EDTAPCAnadarko price target raised to $125 from $105 at BofA/Merrill
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07:53 EDTAPCAnadarko price target raised to $104 from $87 at Stifel
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07:25 EDTAPCAnadarko price target raised to $120-$130 from $110-$120 at Wells Fargo
Wells Fargo increased its price target on Anadarko after the company announced that it had settled the Tronox case for a lower than expected amount. The firm thinks the stock's discount to its peers EOG Resources (EOG) and Noble Energy (NBL) is unjustified. Wells keeps an Outperform rating on Anadarko.
06:57 EDTAPCAnadarko price target raised to $120 from $110 at Guggenheim
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05:47 EDTAPCAnadarko upgraded to Overweight from Underweight at JPMorgan
JPMorgan upgraded Anadarko (APC) two notches to Overweight from Underweight citing the company's settlement in the Tronox (TRNX) litigation. The firm views the settlement as positive for the stock and raised its price target for shares to $129 from $84.
April 3, 2014
16:37 EDTAPCOn The Fly: Closing Wrap
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16:13 EDTAPCTronox says total tax shield $10.15B after Anadarko settlement
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15:20 EDTAPCAnadarko volatility decreases after confirms settlement
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14:24 EDTAPCAnadarko confirms settlement of Tronox Adversary Proceeding
Anadarko Petroleum announced that it has entered into an agreement with the plaintiffs in the Tronox Adversary Proceeding to resolve all claims against Kerr-McGee Corporation and certain of its subsidiaries and affiliates, which stemmed from alleged actions by Kerr-McGee prior to its acquisition by Anadarko in 2006. Kerr-McGee is now a wholly owned subsidiary of Anadarko. "This settlement agreement with the Litigation Trust and the U.S. Government eliminates the uncertainty this dispute has created, and the proceeds will fund the remediation and cleanup of the legacy environmental liabilities and tort claims," said Anadarko Chairman, President and CEO Al Walker. "Investor focus can now return to the tremendous value embedded in Anadarko's asset base, allowing our peer-leading operational and exploration results to again become the basis for valuation. We are grateful to our stakeholders who have maintained their confidence and trust in our people and our assets." In exchange for a complete release of all claims asserted against Kerr-McGee, Anadarko has agreed to pay a total of $5.15B to the plaintiffs, which represents a principal sum of approximately $3.98B and 6% interest thereon from the filing of the complaint in May 2009. Under the terms of the settlement agreement, the Litigation Trust and Kerr-McGee have agreed to mutually release claims against each other, and the U.S. Government and Kerr-McGee have provided mutual covenants not to sue. The U.S. Government also will provide contribution protection from third-party claims seeking reimbursement from Kerr-McGee at more than 4,000 sites covered by the covenants. The settlement agreement is subject to recommendation by the U.S. Bankruptcy Court and approval of the U.S. District Court, both in the Southern District of New York, and the issuance of an injunction barring similar claims from being asserted by third parties. The company expects the Tronox Adversary Proceeding to be stayed pending final approval of the settlement agreement. The settlement payment is to be made after the District Court's approval of the settlement agreement and issuance of the injunction are final and non-appealable. The claims asserted in the Tronox Adversary Proceeding will be dismissed with prejudice after the settlement payment is made. This process is currently expected to be completed prior to the end of the third quarter of 2014. The company's significant cash position and available $5B credit facility provide flexibility in funding the settlement payment. The company expects the impact of the settlement agreement to be reflected in its first-quarter financial statements. The company estimates it will record a gross tax benefit of approximately $1.65B associated with the settlement, offset by approximately $1.10B in uncertain tax positions, currently resulting in a net tax benefit of approximately $550M.
14:06 EDTAPCAnadarko to pay $5B-$6B to U.S. in Tronox settlement, Bloomberg says
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13:28 EDTAPCAnadarko up more than 7% after Bloomberg says company settles with U.S.
13:27 EDTAPCAnadarko settles with U.S. on Tronox liabilities, Bloomberg says
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09:22 EDTAPCAnadarko management to meet with Deutsche Bank
Meeting to be held in Philadelphia on April 3 hosted by Deutsche Bank.
April 2, 2014
07:05 EDTAPCAnadarko management to meet with Deutsche Bank
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