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Stock Market & Financial Investment News

News Breaks
March 13, 2014
14:29 EDTSRE, GAS, EGNSempra, AGL interested in buying Energen Alagasco unit, Bloomberg reports
News For SRE;GAS;EGN From The Last 14 Days
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September 30, 2014
06:50 EDTSREExxon Mobil , Qatar looking to export natural gas, NY Times says
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September 29, 2014
11:26 EDTEGNPermian 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.
08:27 EDTEGNDiamondback, Energen have positive read through from deal, says Sterne Agee
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07:46 EDTSRESempra Energy management to meet with UBS
Meeting to be held in London on September 29 hosted by UBS.
September 22, 2014
08:13 EDTGASPicotal LNG announces long-term sales agreement with Carib Energy
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September 18, 2014
09:22 EDTGASPSEG joins PennEast Pipeline Project
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September 17, 2014
07:59 EDTSRESempra Energy price target raised to $125, remains a top pick at Morgan Stanley
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