New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 3, 2013
10:53 EDTQRE, BBEP, EVEP, LNCO, LRE, VNR, LINEMLPs continue slide while SEC probes LINN merger
Shares of several master limited partnerships and related pipeline operators are continuing their slide lower after LINN Energy (LINE) and LinnCo (LNCO) disclosed yesterday that the SEC has opened an informal inquiry into the companies. WHAT'S NOTABLE: The SEC is looking into LINN Energy and LinnCo’s merger with Berry Petroluem (BRY), the companies announced yesterday, which sent shares of both names down over 15%. The sell-off continued today after R.W. Baird said in a note to investors that it is increasingly cautious on the whole sector, noting that LINN peer BreitBurn's (BBEP) failure to finance part of a recent transaction put a target on the company for short sellers. Baird added that it expects the whole MLP sector to underperform in the short run as more LINN peers are targeted by those betting the stocks will decline. OTHERS TO WATCH: Shares of LINN are down more than 8% and LinnCo shares are lower by more than 7% in late morning trade. Also lower are shares of BreitBurn, down 6.5%, and Vanguard Natural Resources (VNR), down more than 8%.
News For LINE;LNCO;BBEP;VNR;EVEP;QRE;LRE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
April 21, 2015
06:39 EDTVNR, LREVanguard Natural to host conference call
Subscribe for More Information
05:07 EDTVNR, LREVanguard Natural to acquire LRR Energy for $539M
Vanguard Natural (VNR) and LRR Energy (LRE) announced that they have entered into a Purchase Agreement and Plan of Merger pursuant to which a subsidiary of Vanguard will merge into LRR Energy and, at the same time, Vanguard will acquire LRE GP, the general partner of LRR Energy, for total consideration of $251M in Vanguard common units and the assumption of LRE’s net debt of $288M. As a result of the transaction, LRR Energy and its general partner will become wholly owned subsidiaries of Vanguard. The transaction, which has been approved by the boards of both companies, including the Conflicts Committee of the board of LRR Energy, will be a tax-free unit-for-unit transaction with an exchange ratio of 0.55 Vanguard common units per LRE common unit. In addition, Vanguard will acquire all of the limited liability company interests in LRE GP in exchange for 12,320 Vanguard common units. The consideration to be received by LRE unitholders is valued at $8.93 per LRR Energy common unit based on Vanguard’s closing price as of April 20, representing a 13% premium to LRR Energy’s closing price on April 20, and a 19% premium to LRR Energy’s ten day volume weighted average price. Vanguard and LRR Energy expect the transaction to close in Q3. The merger is subject to customary closing conditions, including the approval of the LRR Energy unitholders. Affiliates of Lime Rock Resources, LRE’s largest unitholder, have agreed to support and vote in favor of the transaction. Upon the closing of the transaction, LRR Energy will be terminating the existing management services agreement with Lime Rock Management and Lime Rock Resources Operating Company. Offset by incremental corporate hires, Vanguard expects to generate significant general and administrative expense savings. Vanguard expects that the transaction will be immediately accretive to distributable cash flow per unit while also lowering Vanguard’s pro forma debt leverage.
April 20, 2015
16:30 EDTEVEPEnerVest reports 5.4% stake in EV Energy
April 15, 2015
10:19 EDTLNCOOptions with decreasing implied volatility
Subscribe for More Information
10:00 EDTEVEPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Tower (AMT) upgraded to Outperform from Neutral at Macquarie... Ameriprise (AMP) upgraded at Morgan Stanley... Builders FirstSource (BLDR) upgraded to Buy from Neutral at Sterne Agee... China Telecom (CHA) upgraded to Outperform from Market Perform at Bernstein... China Unicom (CHU) upgraded to Outperform from Underperform at Bernstein... Discover (DFS) upgraded to Overweight from Neutral at JPMorgan... EV Energy (EVEP) upgraded on asset sale at RBC Capital... GoPro (GPRO) upgraded to Overweight from Neutral at Piper Jaffray... Intel (INTC) upgraded on valuation at RBC Capital... Nike (NKE) upgraded to Overweight from Neutral at Piper Jaffray... Nokia (NOK) upgraded to Market Perform from Underperform at Bernstein... Rice Energy (RICE) upgraded to Buy from Neutral at Goldman... Staples (SPLS) upgraded to Buy from Hold at BB&T... Team (TISI) upgraded to Buy from Hold at BB&T... Ulta Salon (ULTA) upgraded to Overweight from Neutral at Piper Jaffray.
08:46 EDTEVEPEV Energy upgraded on asset sale at RBC Capital
As noted earlier, RBC Capital upgraded EV Energy to Outperform from Sector Perform. The firm upgraded the stock after the company recently announced the divestiture of its 21% stake in the Utica East Ohio midstream project for $575M. The firm thinks the company received an attractive price for the project ,while the deal improves the company's risk/reward profile. Target $22.
06:14 EDTEVEPEV Energy upgraded to Outperform from Sector Perform at RBC Capital
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use