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Monday, Sep 16
Repsol downgraded at Credit Suisse after WSJ weekend report
- Repsol (REPYY.PK -1%) is downgraded to Neutral by Credit Suisse after a WSJ weekend report that the Spanish oil major is ready to spend $5B-$10B for a U.S. or Canadian E&P company.
- Credit Suisse says Repsol is likely to conduct a careful search for the right buyer or buyers for its €4.5B ($5.97B) stake in Gas Natural.
- While the WSJ report is long-term positive for Repsol, in the short term its effect is muted by the need to complete the Gas Natural divestment first, as financing for Spanish corporations remains relatively expensive.
- Shares of potential U.S. targets Kodiak Oil & Gas (KOG +0.8%) and Whiting Petroleum (WLL +0.2%) show slight gains.