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Stock Market & Financial Investment News

News Breaks
January 2, 2013
14:33 EDTDVN, CHK, ECANatural gas futures lower after warm weather forecast, WSJ says
Natural gas futures for February delivery traded down 3.8% to $3.224 a million British thermal units, after forecasts for warmer weather, says the Wall Street Journal. Reference Link
News For DVN;CHK;ECA From The Last 14 Days
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September 30, 2014
07:30 EDTECAAthlon Energy downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded Athlon (ATHL) after the company agreed to be acquired by Encana (ECA). Target to $59 from $55.
06:01 EDTECAAthlon Energy downgraded to Neutral from Buy at UBS
UBS downgraded Athlon Energy (ATHL) to Neutral saying the takeout by Encana (ECA) is fairly priced.
05:44 EDTECAAthlon Energy downgraded to Hold from Buy at Canaccord
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September 29, 2014
16:22 EDTECAOn The Fly: Closing Wrap
Stocks on Wall Street opened sharply lower, as the volatility which was seen last week carried over. It was the sixth session in a row, and the eighth in the last ten, in which the Dow experienced a triple digit move. The early weakness was attributed to unrest in Hong Kong as pro-Democratic protesters forced the closing of 17 banks and many small businesses. The market was able to shrug off the early weakness and pared its losses, with the Nasdaq eventually crossing into positive territory for a brief time. The averages all ended the day in the red, but were much improved from the lows they hit right after the opening bell. ECONOMIC EVENTS: In the U.S., consumer spending increased 0.5% last month, which was a bit better than expected. Personal incomes increased 0.3% in August, which matched the consensus forecast of economists. The National Association of Realtors' pending home sales index fell 1.0% to 104.7 in August, which was worse than the expected drop of 0.5%. In Asia, Hong Kong's Hang Seng Index dropped nearly 2% as riot police advanced on protesters in the deepest unrest since China took back control of the colony two decades ago. In Europe's bond market, Italian and Spanish yields rose as Italy's Prime Minister Matteo Renzi faced rumors that he could be pressured to quit and leaders in Spain's Catalonia region called for a referendum to be held on independence. COMPANY NEWS: DreamWorks Animation (DWA) rallied $5.82, or 26.03%, to $28.18 after The Hollywood Reporter said yesterday that the company is in talks to be acquired by Japanese telecom company Softbank (SFTBF), the parent of U.S. wireless carrier Sprint (S). Softbank is negotiating to buy DreamWorks for $32 per share, or $3.4B, the report said, citing an unnamed source, though CNBC's David Faber and entertainment industry publication Variety were cautious about whether a deal will be consummated. Lionsgate (LGF), another movie maker recently linked to Softbank by The New York Post and to Vivendi (VIVHY) by Reuters, also rose $1.79, or 5.74%, to $32.99. MAJOR MOVERS: Among the notable gainers were a number of companies that agreed to be acquired. Ambit Biosciences (AMBI) surged $7.14, or 87.07%, to $15.34 after Daiichi Sankyo agreed to acquire all of its outstanding shares for $15 per share in cash plus one Contingent Value Right based on commercialization related milestones. Einstein Noah (BAGL) advanced $6.76, or 50.49%, to $20.15 after the bagel shop owner agreed to be acquired by JAB Holding Company for $20.25 per share in cash. Athlon Energy (ATHL) rose $11.59, or 24.8%, to $58.32 after striking a deal to be bought by Canadian energy giant Encana (ECA), which also gained 46c, or 2.18%, to $21.59 following the deal announcement. Among the noteworthy losers was Civeo Corporation (CVEO), which dropped $12.63, or 49.59% to $12.84 after the company decided against conversion to a real estate investment trust, or REIT, and said it will continue as C corporation and redomicile to Canada. Also lower were shares of Ford (F), which fell $1.22, or 7.47%, to $15.11 after the automaker said during its investor day presentation that it won't achieve its previously stated 2014 profit goal and now sees pre-tax profit of $6B for the fiscal year. INDEXES: The Dow slipped 41.93, or 0.25%, to 17,071.22, the Nasdaq fell 6.34, or 0.14%, to 4,505.85, and the S&P 500 dropped 5.05, or 0.25%, to 1,977.80.
12:18 EDTECAOn The Fly: Midday Wrap
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11:26 EDTECAPermian stocks rally after Athlon bought by Encana
Shares of companies that obtain fossil fuels from the Permian Basin are climbing after one of the names in the sector, Athlon Energy (ATHL), agreed today to be acquired by Canadian energy giant Encana (ECA). Located in Texas and New Mexico, the Permian Basin has been yielding large amounts of oil recently. WHAT'S NEW: Encana agreed to buy Athlon for $58.50 per share in cash, or $5.9B, plus the assumption of debt for a total transaction value of approximately $7.1B. Encana noted that Athlon has about 140,000 net acres focused solely in the heart of the oil-rich Midland Basin within the Permian. "This transformative acquisition further accelerates our strategy and provides us with a prime position in what is widely acknowledged as one of North America's top oil plays," said Encana CEO Doug Suttles. Encana has been looking to increase its focus on oil and natural gas liquids and decrease its emphasis on natural gas. ANALYST REACTION: In a note to investors today, Sterne Agee analyst Tim Rezvan wrote that the Athlon deal provides "a very bullish price marker" for the other pure-play Permian stocks he covers. The terms of the deal suggest that Diamondback Energy (FANG) could jump 33%, while Energen (EGN) could rally 40%, the analyst wrote. PRICE ACTION: In late morning trading, Athlon surged 25% to $58.22 and Encana rose 2.5% to $21.67, Diamondback Energy advanced 2.6% to $75.52, Energen gained 1.5% to $74.14 RSP Permian (RSPP) and Parsely Energy (PE), two other exploration and production companies focused on the Permian Basin, were up 2.4% and 4.6%, respectively.
09:20 EDTECAOn The Fly: Pre-market Movers
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08:27 EDTECADiamondback, Energen have positive read through from deal, says Sterne Agee
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08:21 EDTECAEncana expects Athlon Energy acquisition to be strongly accretive
Encana (ECA) says the acquisition for Athlon Energy (ATHL), expected to close by year-end 2014, will provide 30K boe/d, with 60% in oil, 20% in NGL, and 20% in natural gas. Encana says the Permian Basin is viewed as the most prolific offshore oil basin on North America with greater than 1.7 MMbbls/d. It says the basin has low geological risk and is in the early days of horizontal drilling and multi-well pad development. Encana sees Athlon as a value-driven, pure play producer with top tier margins. It says Athlon has the idea assets to leverage resource play hug expertise, and assets are expected to become self-funding by 2016. Encana intends to invest at least $1B in capital, initiate a pad drilling program, ramp horizontal rig fleet from 4 to 7 by year-end 2015, have 6-8 vertical rigs to continue land retention program, and have an estimated 2015F production of 50K boe/d. Encana says the planned infrastructure development is expected to outpace supply growth over the next few years. Over the next five years, Encana expects $50/boe netback at $90/bbl WTI. Its forecast anticipates Permian production averaging 200-250 Mboe/d by 2019, with significant upside given possible 5,000 horizontal well locations. By 2017, Encana says it will target 250 Mbbls/d company-wide. It also expects to replace low margin natural gas production with high margin liquids production. total production is expected to grow at 3% per annum from 2013-2017. The net debt-to-debt adjusted cash flow is expected to be 1.5x in 2015. The company also expects to maintain its investment grade credit rating. The company expects the original 2017 target of 75% of operating cash flow from liquids to be achieved in 2015. Comments taken from conference call to discuss Encana's acquisition of Athlon Energy.
07:57 EDTECAEncana coverage resumed with an Outperform at BMO Capital
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06:37 EDTECAAthlon Energy volatility flat into Encana acquiring for $5.93B
Athlon Energy (ATHL) volatility is expected to move on Encana (ECA) acquiring for $58.50 per share. Overall volatility of 39 is at its 26-week average of 28 according to Track Data, suggesting non-directional price movement.
06:29 EDTECAEncana flat into acquiring Athlon Energy for $5.93B
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06:15 EDTECAEncana expects Athlon Energy acquisition to add 30K boe/d
Encana expects that the transaction will add current production of about 30,000 barrels of oil equivalent per day, or boe/d, based on Athlon's current estimated production including recent acquisitions. Encana sees the potential for approximately 5,000 horizontal well locations with potential recoverable resource of approximately 3B barrels of oil equivalent. In 2015, Encana intends to invest at least $1B of capital in the play and ramp up from three to at least seven horizontal rigs by year-end 2015. The Permian will play an important part within Encana's growth portfolio, contributing significantly to company-wide projected total liquids production of around 250,000 barrels per day by 2017.
06:14 EDTECAEncana to host business news update conference call
Conference call to be held on September 29 at 8 am. Webcast Link
06:05 EDTECAEncana acquires Athlon Energy for $58.50 per share or $5.93B
EnCana (ECA) and Athlon Energy (ATHL) jointly announced that the two companies have entered into a definitive merger agreement for Encana to acquire all of the issued and outstanding shares of common stock of Texas-based Athlon by means of an all-cash tender offer for $5.93B, or $58.50 per share, as well as Encana assuming Athlon's $1.15B of senior notes, for a total transaction value of approximately $7.1B. The Athlon board has unanimously recommended to its shareholders that they tender to the offer. The acquisition will add Athlon's land position of approximately 140,000 net acres focused solely in the heart of the oil-rich Midland Basin to Encana's portfolio, giving the company a seventh growth area.
06:04 EDTECAEncana acquires Athlon Energy for $58.50 per share or $5.93B
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September 24, 2014
08:14 EDTDVNEnLink completes contruction of Phase II Cajun-Sibon NGL project
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September 22, 2014
10:06 EDTDVNDevon Energy management to meet with FBR Capital
Meetings to be held in Minneapolis/Madison/Milwaukee September 24-25 hosted by FBR Capital.
September 20, 2014
20:43 EDTCHKChesapeake, Weatherford seem attractive, Barron's says
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September 18, 2014
07:38 EDTDVNUBS to hold a conference
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