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Stock Market & Financial Investment News

News For CNQ;CVE;IMO;SU;NXY;CEO From The Last 14 Days
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December 16, 2014
14:55 EDTSUExxon 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 EDTIMO, CNQ, SUOn The Fly: Midday Wrap
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10:57 EDTSU, CNQ, IMOCanadian 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.
December 15, 2014
10:00 EDTCVEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: UPS (UPS) downgraded to Hold from Buy at Deutsche Bank... CGG SA (CGG) downgraded to Underperform from Market Perform at Raymond James... Ford (F) downgraded to Hold from Buy at Deutsche Bank... Cenovus Energy (CVE) downgraded to Market Perform from Outperform at BMO Capital... Cobalt (CIE) downgraded to Neutral from Buy at Goldman... Gastar Exploration (GST) downgraded to Neutral from Buy at SunTrust... Itau Unitbanco (ITUB) downgraded to Neutral from Buy at Goldman... Methanex (MEOH) downgraded to Outperform from Strong Buy at Raymond James... OGE Energy (OGE) downgraded to Hold from Buy at Jefferies... SandRidge Energy (SD) downgraded to Neutral from Buy at SunTrust... Sempra Energy (SRE) downgraded to Neutral from Overweight at JPMorgan... HollyFrontier (HFC) downgraded to Neutral from Buy at BofA/Merrill... CNA Financial (CNA) downgraded to Market Perform from Outperform at William Blair... Allergan (AGN) downgraded to Hold from Buy at Stifel... RF Micro Devices (RFMD) downgraded to Neutral from Buy at DA Davidson.
06:25 EDTCVECenovus Energy downgraded to Market Perform from Outperform at BMO Capital
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05:44 EDTCEOCNOOC reports Liuhua 34-2 gas field commences production
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December 11, 2014
10:13 EDTSUOn 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.
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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06:18 EDTSUSuncor downgraded to Neutral from Buy at BofA/Merrill
06:10 EDTCVECenovus Energy in position to add 150M barrels of proved reserves at oil sands o
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06:09 EDTCVECenovus Energy sees 2015 oil sands growth of 11K bbls/d net
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06:08 EDTCVECenovus Energy identified opportunities to achieve $400M-$500M in cost reduction
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06:07 EDTCVECenovus Energy expects 2015 cash flow to be negatively impacted
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06:07 EDTCVECenovus Energy to reduce spending on emerging oil sands assets to $105M-$115M
During the year, Cenovus plans to invest between $290 million and $330 million in its conventional oil business, excluding Pelican Lake, with most of the investment going towards its tight oil assets. The company has decided to reduce spending at Pelican Lake to between $110 million and $120 million to align its investment plans with the more moderate rates of production growth experienced to date from the project's polymer flood program and to conserve capital. Cenovus continues to believe in the asset's potential but expects to develop Pelican Lake over a longer period of time. Investment in the company's natural gas assets is expected to remain consistent with 2014, at between $30 million and $35 million. In 2015, Cenovus plans to invest between $225 million and $245 million combined in its Wood River Refinery and Borger Refinery in the U.S., which are jointly owned with the operator, Phillips66. In addition to maintenance, reliability and environmental initiatives, 2015 investment will include initial capital for the debottlenecking project at Wood River.
06:06 EDTCVECenovus Energy decides to slow down development plans at Narrows Lake
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06:06 EDTCVECenovus Energy sees 2015 discretionary capital of $400M-$600M
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06:05 EDTCVECenovus Energy plans to invest $2.5B-$2.7B in 2015
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06:04 EDTCVECenovus Energy plans to exercise capital restraint in 2015 in face of oil prices
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December 10, 2014
05:21 EDTCEOCNOOC signs PSCs with KUFPEC
CNOOC announced that its parent company, China National Offshore Oil Corporation, has signed three production sharing contracts, or PSCs, with KUFPEC for Blocks 52/22A52/26 and 63/13 in the South China Sea. The three blocks mentioned above are located in the Yinggehai Basin of the South China Sea. Block 52/22 covers a total area of 1,896 square kilometers, and has a water depth of 60-300 meters; Block 52/26 covers a total area of 1,783 square kilometers, and has a water depth of 80-160 meters; Block 63/13 covers a total area of 698 square kilometers, and has a water depth of 80-140 meters. According to the terms of the PSCs, CNOOC shall act as the operator of the three blocks mentioned above. Expenditures incurred during the exploration period will be borne by CNOOC and KUFPEC in a proportion of 20% and 80% of participating interest, respectively. Both parties will conduct 3D seismic data surveys and will drill exploration wells. Once entering the development phase, CNOOC has the right to participate in up to 70% of the working interest in any commercial discoveries in the blocks. After signing the abovementioned PSCs, CNOOC will assign all of its rights and obligations under such contracts, except for those relating to CNOOC's administrative functions, to CNOOC China Limited, a subsidiary of CNOOC Limited.
December 8, 2014
10:00 EDTCNQOn The Fly: Analyst Downgrade Summary
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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.
05:55 EDTCEOCNOOC announces first production from K1A
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December 5, 2014
07:00 EDTCVECenovus Energy to host conference call
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