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Stock Market & Financial Investment News

News Breaks
July 21, 2014
07:32 EDTRSPPRSP Permian upgraded to Buy from Accumulate at KLR Group
KLR Group upgraded RSP Permian to Buy citing the company's production growth and "superior" capital yield. The firm raised its price target for shares to $42 from $34.
News For RSPP From The Last 14 Days
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September 29, 2014
12:18 EDTRSPPOn The Fly: Midday Wrap
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11:26 EDTRSPPPermian 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 EDTRSPPOn The Fly: Pre-market Movers
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