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Stock Market & Financial Investment News

News Breaks
May 27, 2014
06:29 EDTWPX, LGCYLegacy Reserves upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded Legacy Reserves (LGCY) to Neutral citing the company's Piceance acquisition and strategic alignment with WPX Energy (WPX). The firm raised its price target for shares to $29 from $25.
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August 26, 2014
16:50 EDTWPXWPX Energy to jointly develop Trail Ridge properties with G2X Energy unit TRDC
WPX Energy announced that it closed an agreement to jointly develop its Trail Ridge properties with TRDC, a subsidiary of Houston-based G2X Energy. The Trail Ridge development is part of WPX’s position in western Colorado’s Piceance Basin Highlands. WPX will remain as operator. “We’re bringing value forward by accelerating the development of what has been a quiet part of our Piceance holdings,” said Rick Muncrief, WPX president and CEO. “This is a creative way to generate returns that are among the best in our portfolio,” Muncrief added. WPX received approximately $40M cash for 49% of its working interest in approximately 100 proved developed producing Trail Ridge wells. The working interest sold represents 27B cubic feet of proved developed reserves and 46B cubic feet of proved undeveloped reserves. TRDC also has committed to a $170M drilling carry on nearly 400 future wells and will make additional investments for its 49% working interest. WPX will pay 28% of the Trail Ridge development and receive 51% of the production and reserves until TRDC has completed its $170M funding commitment. This structure will generate returns for WPX comparable to its oil plays during the carry period. Currently, the parties plan to jointly develop eight wells in 2014; 25 wells in 2015, 50 wells in 2016 and 100 wells per year in 2017 and beyond. WPX has approximately 1,300 remaining Trail Ridge drilling locations. The joint development agreement is for the Williams Fork and Iles formations and does not include deeper opportunities in the Mancos and Niobrara shales.
August 25, 2014
10:00 EDTWPXOn The Fly: Analyst Upgrade Summary
CBOE Holdings (CBOE) upgraded to Outperform from Market Perform at Raymond James... Silver Bay Realty (SBY) upgraded to Overweight from Neutral at JPMorgan... U.S. Steel (X) upgraded to Outperform from Underperform at Credit Suisse... Endologix (ELGX) upgraded to Buy from Neutral at BTIG... Texas Roadhouse (TXRH) upgraded to Overweight from Equal Weight at Stephens... WPX Energy (WPX) upgraded to Outperform from Sector Perform at Howard Weil... Nomura (NMR) upgraded to Outperform from Neutral at Credit Suisse.
07:56 EDTWPXWPX Energy upgraded to Outperform from Sector Perform at Howard Weil
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