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Stock Market & Financial Investment News

News For BTE;CNQ;COP;ERF;IMO;IVAN;KWK;MUR;PWE;SU;TLM From The Last 14 Days
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December 22, 2014
10:46 EDTCOPActive calls
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December 21, 2014
19:45 EDTCOPSaudis say oil prices will recover as global economies grow,The Independent says
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16:42 EDTCOPSaudis say no cut in oil production is forthcoming, Reuters says
Signalling that it will ride out the recent volatility in oil markets, Saudi Arabia said it will not cut oil production even if non-OPEC nations did so, Reuters reports. "If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut," commented Saudi Oil Minister Ali al-Naimi. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
December 19, 2014
16:35 EDTTLMMarket ends week higher as Fed reassures, oil stabilizes
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10:17 EDTPWEOn The Fly: Analyst Downgrade Summary
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08:59 EDTPWEPenn West downgraded to Reduce from Hold at TD Securities
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December 18, 2014
11:04 EDTTLMOptions with decreasing implied volatility
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06:03 EDTTLMStocks with implied volatility below IV index mean; GDX TLM
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December 17, 2014
19:05 EDTERFEnerplus sees 2015 daily production 103,000 BOE/day to 108,000 BOE/day
The company said, "We expect daily production will average between 103,000 BOE/day to 108,000 BOE/day, with a relatively flat profile throughout the year. Using the mid-point of this range, this represents a 2% increase over our expected 2014 production levels, generally balanced between oil/liquids and natural gas. On a per share basis, production growth is also expected to be approximately 2%.Our operating costs are expected to be $10.50/BOE for 2015. This is slightly higher than 2014 due to the impact of a weaker Canadian dollar on our U.S. operating costs, as well as the sale of lower operating cost non-core Canadian natural gas properties during the fourth quarter of 2014. Cash G&A expenses are expected to be maintained at $2.30 per BOE. Royalty costs, including state production taxes and impact fees, are expected to remain at 23% of revenues net of transportation. Based upon current commodity prices, we expect to pay cash taxes of approximately 2% of U.S. funds flow in 2015. We have sufficient tax pools to shelter our Canadian cash flow from material cash taxes until after 2018."
19:03 EDTERFEnerplus sees 2015 CapEx $635M
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15:26 EDTPWEPenn West downgraded to Underperform from Neutral at Macquarie
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13:21 EDTTLMNew York to officially ban fracking, NY Times reports
New York Governor Andrew Cuomo announced his administration will block hydraulic fracturing, or fracking, for natural gas in the state when an existing five-year moratorium pushed by the state Department of Environmental Conservation ends next year, reported The New York Times. The Marcellus shale formation spans New York, parts of Pennsylvania, eastern Ohio, western Maryland, most of West Virginia and into extreme western Virginia. Companies with operations in the Marcellus shale include Warren Resources (WRES), Southwestern Energy (SWN) and Talisman Energy (TLM). Reference Link
10:02 EDTTLMOn The Fly: Analyst Downgrade Summary
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08:39 EDTPWEPenn West CEO says cuts made with focus on profitability, not production
Dave Roberts, Penn West President and CEO stated, "Penn West's business model assumes a conservative long run-term commodity price, however, the recent downturn falls outside our lowest probabilistic expectations. We have assured our investors that our business is strong and that we would reduce capital rather than seeking to increase production into a declining commodity cycle - focusing on profitability not production. The fundamental attraction of the Company remains a best in basin light oil opportunity across three play areas in western Canada. We have the advantage of being able to adjust our spending profile across a diverse portfolio of assets to maximize our returns and focus on higher cash returning assets in such a commodity price environment. In addition, we have a number of other means available to protect our long-term sustainability in the event that low commodity prices persist. Our resources are secure, our operational performance demonstrated, our future intact." The company noted it currently has a completely undrawn $1.7B credit facility that is covenant based, not reserves based, lending agreement, and therefore is not directly impacted by the change in reserve values resulting from movements in commodity prices. The covenants in the credit facility have been aligned with the covenants in the company's senior notes, Penn West said.
08:37 EDTPWEPenn West lowers 2015 production guidance 5% to 90K-100K boe per day
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08:34 EDTPWEPenn West to cut dividend to 3c from 14c, lowers 2015 capital budget
Penn West announces that in response to the current commodity price environment, it is reducing its capital budget by approximately $215M and reducing its 2015 dividend by approximately $160M commencing with the 2015 first quarter dividend payment payable on April 15, 2015. In November, when Penn West announced its 2015 capital budget, the forward strip for crude oil was in the range of the company's Canadian per barrel modeling assumption of $86.50. Since that time however, crude oil prices have declined significantly. Reflecting this reduction in the outlook for crude oil prices, the company has reduced its Canadian crude oil pricing assumption for 2015 by approximately 25% to $65.00 per barrel. In order to maintain financial flexibility, the capital budget has been reduced to $625M from $840M. In addition, the board has approved a reduction to Penn West's quarterly dividend commencing in the first quarter of 2015 to 3c per share from 14c per share, subject to final board review and approval of each quarterly dividend prior to the declaration thereof. Commencing with Penn West's first quarter 2015 dividend, payable on April 15, 2015, the board has also suspended Penn West's Dividend Reinvestment Plan , or DRIP, until further notice.
08:32 EDTPWEPenn West to cut dividend to 3c from 14c
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08:31 EDTPWEPenn West reducing 2015 dividend, capital budget
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08:16 EDTTLMTalisman Energy downgraded to Market Perform from Outperform at Bernstein
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08:01 EDTTLMTalisman Energy downgraded at RBC Capital
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06:12 EDTTLMTalisman Energy downgraded to Underperform from Sector Perform at RBC Capital
December 16, 2014
16:26 EDTTLMOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory following another tumble in the price of oil and Russian central bank intervention on the ruble. The continued decline in crude and the sudden rate hike in Russia led to an early sell-off, though the market soon pared its losses and the Dow eventually built a 200 point gain before noon. The swing of 300 points for the Dow was indicative of the day’s volatility. The market moved across the flat line again and in the end the sellers regained control and pushed the market to another loss. ECONOMIC EVENTS: In the U.S., housing starts fell 1.6% to a 1.028M rate in November, which was worse than the expected 3.1% increase. Building permits dropped 5.2% to a 1.035M rate in the month, which was also worse than the consensus forecast for a 2.5% drop. Markit's flash PMI for the U.S. dropped to 53.7 in December from 54.8 in November, which is an 11 month low and worse than the 55.2 reading that was forecast. In China, HSBC and Markit's preliminary manufacturing PMI fell to 49.5 in December from a final 50.0 reading in November. In Europe, Markit's composite PMI for the euro zone rose to 51.7, which was up from November's final reading of 51.1 and just above analyst forecasts for a reading of 51.5. Additionally, Russia's central bank raised its key interest rate to 17% from 10.5% in an effort to limit substantially increased ruble depreciation risks and inflation risks. COMPANY NEWS: Spain's Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash, which was at the high end of the range reported recently by Financial Times. Talisman shares trading in New York surged $2.46, or 48.05%, to $7.58 following the deal announcement, while Repsol slipped 18c, or 0.93%, to $19.26. MAJOR MOVERS: The top nine gainers on the S&P 500 were all oil and gas exploration or services companies. After those came CVS Health (CVS), which gained $2.44, or 2.72%, to $92.31 after the company announced in conjunction with its analyst day meeting that it added $10B to its share repurchase plan, boosted its dividend 27%, affirmed its outlook for this fiscal year and pointed to growing earnings in its next fiscal year. Among the noteworthy losers was heavy truck maker Navistar (NAV), which fell $5.95, or 16.98%, to $29.10 after reporting losses for its just completed quarter. Also lower were shares of Russian companies listed in the U.S., including QIWI (QIWI), which dropped $2.81, or 13.06%, to $18.70 and Mobile TeleSystems (MBT), which slid 75c, or 10.84%, to $6.17. INDEXES: The Dow fell 111.97, or 0.65%, to 17,068.87, the Nasdaq dropped 57.32, or 1.24%, to 4,547.83, and the S&P 500 declined 16.89, or 0.85%, to 1,972.74.
14:55 EDTCOP, SUExxon Mobil, peers win right to explore in Flemish Pass. Petro Global News says
Exxon Mobil (XOM) along with peers Suncor (SU) ConocoPhillips (COP) won the rights to explore a Canadian offshore block, Parcel 1, located in the Flemish Pass, says Petro Global News. The oil companies bid a record $559M for the rights with ExxonMobil getting a 40% interest in the parcel, while Suncor Energy and ConocoPhillips each receiving a 30% interest, added Petro Global News. Reference Link
12:26 EDTCNQ, SU, IMO, TLMOn The Fly: Midday Wrap
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10:57 EDTIMO, SU, TLM, CNQCanadian energy stocks rise after Talisman acquired by Repsol
Shares of Canadian energy companies are higher this morning after Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash. WHAT'S NEW: Canada-based Talisman announced that it has agreed to be acquired by Spain's Repsol in a transaction valued at approximately $13B, including debt. Under the terms of the agreement, Repsol will buy all outstanding common shares of Talisman for $8 per share in cash. Also under the deal, Talisman will pay aggregate cash dividends of 18c per common share prior to closing. The Talisman board is recommending shareholders accept the deal at a special meeting to be held in mid-February 2015. The transaction is expected to close in the second quarter of 2015, Talisman said. Talisman Chairman Chuck Williamson noted that the deal will create "significant and immediate value" for the company's investors. WHAT'S NOTABLE: Repsol first explored a bid for Talisman in July, but talks slowed in late August. Earlier this month, Bloomberg reported the companies revived talks and The Wall Street Journal said "talks moved quickly" from there. Canada Pension Plan Investment Board, which initially considered buying parts of Talisman, was also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. ANALYST REACTION: Talisman Energy was downgraded this morning to Market Perform from Outperform at Bernstein. PRICE ACTION: Talisman Energy is up $2.43, or 47.5%, to $7.55 in morning trading and Repsol shares trading in New York are down 1.5% to $19.15. OTHERS TO WATCH: Other Canadian energy companies traded in New York include Encana (ECA), Suncor (SU), Canadian Natural Resource (CNQ) and Imperial Oil (IMO). Of note, Encana this morning announced a 2015 capital program of $2.7B-$2.9B, with about 80% directed to the Montney, Duvernay, Eagle Ford and Permian, its highest margin growth plays. The company expects total cash flow between $2.5B-$2.7B, reflecting the impact of higher margin production and continued cost efficiencies, partially offset by anticipated lower commodity prices. In morning trading, Encana shares rose 9.2% to $12.69, Suncor gained 5.3% to $28.33, Canadian Natural Resource added 4.8% to $28.62 and Imperial Oil advanced 2.5% to $40.88.
10:34 EDTTLMOptions with decreasing implied volatility
Options with decreasing implied volatility: TLM LE CIEN LULU RH ATHN PAY
10:18 EDTTLMTalisman Energy downgraded to Market Perform from Outperform at Bernstein
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10:16 EDTTLMHigh option volume stocks:
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09:28 EDTMURMurphy Oil downgraded to Sector Perform from Outperform at Howard Weil
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09:16 EDTTLMOn The Fly: Pre-market Movers
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06:37 EDTTLMTalisman Energy to host conference call
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05:29 EDTTLMRepsol to acquire Talisman for $8 per share in cash
Talisman Energy (TLM) announced overnight that it has entered into a definitive agreement with Repsol (REPYY) under which Repsol will acquire all of the outstanding common shares of Talisman for $8.00 per share in cash. Total transaction value is approximately $13B, including Talisman's current debt. In addition, under the transaction, Talisman will be allowed to pay aggregate cash dividends of 18c per common share prior to closing, including the dividend declared and payable on December 31. Talisman's board has unanimously approved the transaction and recommends that Talisman's common shareholders and preferred shareholders vote in favor of the arrangement at a special meeting of shareholders to be held mid February 2015. The transaction is targeted to close in Q2 of 2015. "This deal creates significant and immediate value for Talisman stakeholders," said Chuck Williamson, Chairman of Talisman's Board of Directors. "Importantly, the deal underscores Repsol's strong belief in the high quality portfolio that Talisman has worked hard to develop. Repsol is a world-class operator with a solid track record and the financial capability to continue the development of these assets within their international portfolio. I am proud of the company that our employees, past and present, have built and I believe this transaction represents new opportunities for them in Canada and around the world."
December 15, 2014
11:43 EDTTLMTalisman Energy confirms discussions with Repsol on potential transaction
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10:57 EDTTLMRepsol to submit for consideration of board possible transaction with Tailsman
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09:37 EDTTLMTalisman Energy bid being weighed by Canada Pension Board, Bloomberg says
Canada Pension Plan Investment Board, which initially considered buying parts of Talisman Energy (TLM), is now also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. The pension board may be competing with Spain's Repsol (REPYY), which is reportedly in talks to make a bid to buy Talisman, as previously reported. Talisman shares in New York are up about 20% in early trading. Reference Link
09:09 EDTTLMTalisman Energy bid being weighed by Canada Pension, Bloomberg says
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08:55 EDTMURMurphy Oil coverage resumed with a Neutral at Goldman
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08:48 EDTTLMTalisman Energy confirms talks with Repsol
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08:42 EDTKWKQuicksilver Resources appoints Vanessa Gomez LaGatta as CFO
Quicksilver Resources announced that Vanessa Gomez LaGatta, Quicksilver's VP since 2009, will be appointed to the position of SVP - CFO and treasurer effective January 1, 2015. LaGatta has served as Quicksilver's VP – treasurer since September 2009.
December 14, 2014
17:07 EDTCOPOPEC's Badri says group will withstand oil price fall, Reuters says
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December 12, 2014
16:19 EDTTLMOn The Fly: Closing Wrap
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13:04 EDTTLMOn The Fly: Midday Wrap
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09:16 EDTTLMRepsol in talks to buy Talisman Energy for $6-$8 per share, FT says
Spain's Repsol (REPYY) is in talks to acquire Canada's Talisman Energy (TLM) and is currently negotiating a purchase price in a range between $6 and $8 per share, said Financial Times. Such a the deal would give Talisman an enterprise value of about $10B-$12B, including debt, the report added. The Fly notes that an earlier foreign-language report from the business newspaper Expansion said that Repsol was preparing to make a bid for Talisman that values the Canadian company at around EUR 4B, or about C$6 per share. Shares of Talisman trading in New York are up 25% to $4.60 with about 15 minutes to go until the opening bell. Reference Link
09:13 EDTTLMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Adobe (ADBE), up 5.5% after reporting first quarter results and that it will acquire Fotolia for approximately $800 in cash. ALSO HIGHER: ChemoCentryx (CCXI), up 107.1% after Phase II clinical trial in diabetic nephropathy with CCX140 met its primary endpoint... Oncothyreon (ONTY), up 15.8% after announcing exclusive agreement with Array BioPharma (ARRY)... Talisman Energy (TLM), up 24.4% after a report that Repsol (REPYY) is preparing to make a C$6.00 per share bid... GoPro (GPRO), up 4.4% after being upgraded to Overweight from Neutral at JPMorgan. LOWER: Emerald Oil (EOX), down 18% after cutting fiscal 2015 guidance, naming new COO, and providing an updated fiscal 2015 development plan... Goodrich Petroleum (GDP), down 8.2% after being downgraded to Underweight from Overweight at JPMorgan... MEI Pharma (MEIP), down 3.9% after 10M share Secondary priced at $4.00... Heritage-Crystal Clean (HCCI), down 6.6% after 3.1M share Secondary priced at $10.00.
08:26 EDTTLMTalisman rises after report of Repsol mulling C$6 per share bid
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07:31 EDTIVANIvanhoe Energy engaged in process with advisors to address capital structure
Ivanhoe Energy announced that the company's board has been engaged in a process with its financial advisors to devise and implement a strategy to address Ivanhoe's liquidity, funding requirements and capital structure. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the company's current debt structure and obtaining additional financing necessary to fund ongoing operations. The alternatives under discussion and review include the sale of all or a portion of the company's assets, recapitalization, debt restructuring or a combination of the foregoing. The company also announced that it does not expect to make the cash interest payment of approximately $1.8M due on December 31, 2014 in respect of its outstanding 5.75% convertible unsecured subordinated debentures. As previously disclosed in the company's Form 10-Q Interim Report for the period ended September 30, 2014, material uncertainty exists as to the company's ability to access additional financing. Without timely access to additional financing, there is significant doubt as to the company's ability to continue as a going concern.
06:51 EDTCOPBrent crude oil fell to five year low, Reuters reports
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December 11, 2014
13:30 EDTTLMTalisman Energy volatility elevated
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10:13 EDTTLM, SU, PWEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ARIAD (ARIA) downgraded at Credit Suisse... AbbVie (ABBV) downgraded to Equal Weight from Overweight at Morgan Stanley... Aimco (AIV) downgraded to Hold from Buy at KeyBanc... Anglo American (AAUKY) downgraded to Underperform from Neutral at Exane BNP Paribas... Approach Resources (AREX) downgraded at Sterne Agee... CommVault (CVLT) downgraded to Neutral from Outperform at Macquarie... Fifth Street Senior (FSFR) downgraded to Perform from Outperform at Oppenheimer... Harmonic (HLIT) downgraded to Neutral from Buy at Sidoti... Macerich (MAC) downgraded to Hold from Buy at Deutsche Bank... Newell Rubbermaid (NWL) downgraded to Outperform from Strong Buy at Raymond James... Olin Corp. (OLN) downgraded at Longbow... Penn West (PWE) downgraded to Underperform from Neutral at BofA/Merrill... Prudential plc (PUK) downgraded to Neutral from Buy at Nomura... Semiconductor Manufacturing (SMI) downgraded to Hold from Buy at Jefferies... Suncor (SU) downgraded to Neutral from Buy at BofA/Merrill... Talisman Energy (TLM) downgraded to Underperform from Neutral at BofA/Merrill... Thompson Creek (TC) downgraded to Hold from Buy at Deutsche Bank... Toll Brothers (TOL) downgraded to Underperform from Sector Perform at RBC Capital... Travelers (TRV) downgraded to Neutral from Buy at UBS... United Therapeutics (UTHR) downgraded at Credit Suisse... Vera Bradley (VRA) downgraded to Underperform from Neutral at Sterne Agee.
09:03 EDTPWEPenn West downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill downgraded Penn West to Underperform due to high leverage and likely dividend cuts and asset sales.
09:03 EDTTLMTalisman Energy downgraded to Underperform from Neutral at BofA/Merrill
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07:45 EDTSUSuncor downgraded to Neutral from Buy at BofA/Merrill
As previously reported, BofA/Merrill downgraded Suncor to Neutral from Buy. The firm downgraded shares due to weaker oil prices, mining economics that are coming under pressure, negative free cash flow, and Fort Hills capital spending. Price target lowered to $42 from $46.
07:13 EDTSUSuncor volatility elevated on lower energy prices
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06:47 EDTCOPConocoPhillips volatility elevated on lower energy prices
ConocoPhillips overall option implied volatility of 43 compares to its 26-week average of 19 according to Track Data, suggesting large price movement.
06:18 EDTSUSuncor downgraded to Neutral from Buy at BofA/Merrill
06:06 EDTCOPCenovus Energy decides to slow down development plans at Narrows Lake
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December 10, 2014
08:06 EDTCOPConocoPhillips volatility elevated as WTI trades below $63
ConocoPhillips overall option implied volatility of 33 compares to its 26-week average of 19 according to Track Data, suggesting large price movement.
December 9, 2014
10:23 EDTBTEOn The Fly: Analyst Downgrade Summary
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09:07 EDTBTEBaytex Energy downgraded to Neutral from Buy at BofA/Merrill
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06:05 EDTCOPEnergy Recovery sells first IsoBoost system to ConocoPhillips
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06:01 EDTBTEBaytex Energy downgraded to Market Perform from Outperform at BMO Capital
05:52 EDTBTEBaytex Energy lowers monthly dividend to 10c per share from 24c per share
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05:34 EDTTLMTalisman Energy confirms being approached by parties
Talisman Energy is issuing this press release at the request of Market Surveillance at IIROC on behalf of the Toronto Stock Exchange. Talisman acknowledges that it has been approached by a number of parties, including Repsol, with regards to various transactions. There is no assurance that any transaction will be agreed. Until such time as it is appropriate to make a public announcement on any potential transaction, Talisman does not intend to make any further comment on this matter.
December 8, 2014
15:38 EDTTLMRepsol revives deal talks with Talisman Energy, Bloomberg reports
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15:23 EDTTLMTalisman halted for circuit-breaker after report of Repsol talks being renewed
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15:21 EDTTLMRepsol revives talks with Talisman Energy, Bloomberg reports
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10:00 EDTCNQOn The Fly: Analyst Downgrade Summary
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08:31 EDTCOPConocoPhillips sets 2015 capital budget of $13.5B, down 20% vs. 2014
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07:53 EDTCOPClimate for Exxon E&P acquisition improved by falling prices, WSJ says
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06:13 EDTCNQCanadian Natural downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Canadian Natural Resources to Neutral saying the company is likely to cut its capital spending amid lower oil prices. Citi lowered its price target for shares to $36 from $50.
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