Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Marketline's Resolute Energy Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Resolute Energy Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakd...
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...
West Texas Intermediate crude oil has fallen from over $65 a barrel in late April to about $54/bbl today, a hair below our midcycle forecast of $55/bbl. The slump has dragged most exploration and production stocks down with it, with 22 of the 23 names we cover now trading below our fair value estimates. The median and mean discounts are 12% and 16%, respectively. We see more upside than that for industry cost leaders like Diamondback Energy and Pioneer Natural Resources, which are better positio...
The independent financial analyst theScreener just requalified the general evaluation of ANADARKO PETROLEUM CORP. (US), active in the Exploration & Production industry. As regards its fundamental valuation, the title still shows 2 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date Ma...
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counter proposal to acquire Anadarko in the wake of Occidental Petroleum’s revised bid. With Chevron out of the running, our Anadarko fair value estimate now reflects the latest bid from Oxy and has increased to $76 per share from $72. Our fair value estimate includes roughly $20 per share in value related to the acquisition premium Occidental has proposed to acquire Anadarko. We use Occidental's fair value estim...
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counter proposal to acquire Anadarko in the wake of Occidental Petroleum’s revised bid. With Chevron out of the running, our Anadarko fair value estimate now reflects the latest bid from Oxy and has increased to $76 per share from $72. Our fair value estimate includes roughly $20 per share in value related to the acquisition premium Occidental has proposed to acquire Anadarko. We use Occidental's fair value estim...
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counter proposal to acquire Anadarko in the wake of Occidental Petroleum’s revised bid. With Chevron out of the running, our Anadarko fair value estimate now reflects the latest bid from Oxy and has increased to $76 per share from $72. Our fair value estimate includes roughly $20 per share in value related to the acquisition premium Occidental has proposed to acquire Anadarko. We use Occidental's fair value estim...
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counterproposal to acquire Anadarko in the wake of Oxy’s revised bid. Assuming Anadarko terminates the existing merger agreement, it will have to pay Chevron a $1 billion termination fee. Chevron still intends to increase its annual share repurchases to $5 billion from $4 billion, which it originally planned to do upon closing of the deal. The original offer did not result in a change in our fair value estimate o...
Citing cost and capital discipline, Chevron announced May 9 it would not submit a counterproposal to acquire Anadarko in the wake of Oxy’s revised bid. Assuming Anadarko terminates the existing merger agreement, it will have to pay Chevron a $1 billion termination fee. Chevron still intends to increase its annual share repurchases to $5 billion from $4 billion, which it originally planned to do upon closing of the deal. The original offer did not result in a change in our fair value estimate o...
Anadarko Petroleum has spent much of the past couple years streamlining its portfolio to focus on promising assets in what the company terms its three D’s: the Delaware and DJ basins onshore, and deepwater operations in the Gulf of Mexico. Through a combination of asset sales and purchases, Anadarko has pushed its production mix toward oil and away from gas to improve margins. We expect a liquids production mix of roughly 75% in 2020 versus less than half in 2014. Gas-heavy asset sales have le...
On April 24 Occidental confirmed it is vying to usurp Chevron in the race to buy Anadarko Petroleum. Oxy shares reacted modestly on the day, declining less than 1%, and we think this is the correct response. We agree that substantial value can be unlocked by combining the businesses, but by offering a huge premium--over 60% of Anadarko's market value prior to the Chevron announcement--Oxy would be passing most of the benefit to Anadarko shareholders, if the deal is approved. Although our fair va...
On April 24 Occidental confirmed it is vying to usurp Chevron in the race to buy Anadarko Petroleum. Oxy shares reacted modestly on the day, declining less than 1%, and we think this is the correct response. We agree that substantial value can be unlocked by combining the businesses, but by offering a huge premium--over 60% of Anadarko's market value prior to the Chevron announcement--Oxy would be passing most of the benefit to Anadarko shareholders, if the deal is approved. Although our fair va...
On April 24 Occidental confirmed it is vying to usurp Chevron in the race to buy Anadarko Petroleum. Oxy shares reacted modestly on the day, declining less than 1%, and we think this is the correct response. We agree that substantial value can be unlocked by combining the businesses, but by offering a huge premium--over 60% of Anadarko's market value prior to the Chevron announcement--Oxy would be passing most of the benefit to Anadarko shareholders, if the deal is approved. Although our fair va...
We're raising our fair value estimate for Anadarko Petroleum to $69 per share following the announcement that Chevron will acquire the company in a stock and cash deal. Anadarko shareholders will get 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. At the current market price for Chevron of $119 per share, that translates to about $62 per share for Anadarko, right in line with where Anadarko shares are trading as we write. However, we think Chevron shares are worth $136, whic...
We're raising our fair value estimate for Anadarko Petroleum to $69 per share following the announcement that Chevron will acquire the company in a stock and cash deal. Anadarko shareholders will get 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. At the current market price for Chevron of $119 per share, that translates to about $62 per share for Anadarko, right in line with where Anadarko shares are trading as we write. However, we think Chevron shares are worth $136, whic...
We're raising our fair value estimate for Anadarko Petroleum to $69 per share following the announcement that Chevron will acquire the company in a stock and cash deal. Anadarko shareholders will get 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. At the current market price for Chevron of $119 per share, that translates to about $62 per share for Anadarko, right in line with where Anadarko shares are trading as we write. However, we think Chevron shares are worth $136, whic...
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