Wed, Mar. 18, 11:49 AM
- "$60 is the new $90" when it comes to oil prices, Global Hunter says as it turns more bearish on the prospects for "the fringier or Tier 2 E&Ps" and adding that some "simply can't compete."
- The firm slaps Sell ratings on Halcon Resources (NYSE:HK), saying "NAV upside appears limited given relatively light tier 1/economic inventory and huge share count," SandRidge Energy (NYSE:SD), citing "falling oil production and hedges rolling off leads to lower cash flows, reducing ability to grow," as well as Goodrich Petroleum (NYSE:GDP), Triangle Petroleum (NYSEMKT:TPLM) and Bill Barrett (NYSE:BBG).
Wed, Feb. 25, 8:02 AM
Tue, Feb. 24, 5:30 PM
Tue, Feb. 10, 6:47 PM
- Figuring the debt markets are a bit more rational than the equity markets right now, Wunderlich analysts look to the bond market for some clues about energy investing.
- The firm finds that where Chesapeake Energy's (NYSE:CHK) debt is trading now as "quite refreshing" given the strong balance sheet the company has built, strengthening its conviction that CHK is a Best idea among oil stocks; others holding up well, it says, are financially strong names such as XEC, CXO, EGN, EOG, GPOR, MTZ, NBL, PTEN, PDCE, PXD and ROSE.
- In other cases, the debt is providing “equity-like returns” for investors who want to move out of stocks and into bonds, with the firm mentioning AREX, BBG, CWEI and NOG.
Wed, Jan. 28, 12:44 PM
Mon, Jan. 12, 3:17 PM
- Goldman Sachs upgrades a few energy stocks even as it cast a pall of gloom over most of the sector today (I, II, III), raising Chesapeake Energy (CHK -3.6%) to Buy from Neutral and Parsley Energy (PE -4.2%) to Neutral from Sell as potential "shale sale" winners.
- Despite PE's relative vulnerability to lower oil prices because of its weak balance sheet and negative projected free cash, Goldman has more confidence that its core Permian Basin position makes it an attractive M&A target.
- Among potential "shale scale" winners - companies that either can build positions in the core and reduce costs of capital - the firm's favorites remain EOG Resources (NYSE:EOG), Range Resources (NYSE:RRC), Pioneer Natural Resources (NYSE:PXD), Cabot Oil & Gas (NYSE:COG) and Concho Resources (NYSE:CXO).
- However, Goldman cuts Bill Barrett (BBG -8.3%) to Sell from Neutral, seeing greater downside risk to its production in a lower oil price environment, and lowers Eclipse Resources (ECR -1.5%) to Neutral from Buy due to a persistently wide funding gap through 2017 coupled with a weak balance sheet.
Dec. 16, 2014, 12:47 PM
Dec. 2, 2014, 3:13 PM
- Apache (APA -1%), Bill Barrett (BBG -5.6%) and Laredo Petroleum (LPI -4.9%) are downgraded to Neutral from Buy at Mizuho, as the firm lowers its crude oil price deck and views OPEC's decision not to cut production as a structural shift in crude oil markets.
- Although the current excess supply/weak demand situation will be resolved gradually, market fundamentals will increasingly drive crude prices in a ~$70/bbl world, the firm says; in the E&P space, it prefers APC, MRO, FANG, RSPP and RICE.
Nov. 24, 2014, 10:29 AM
- Bill Barrett (BBG +1.2%) loses nearly all of the acreage it acquired in Colorado's Cottonwood Gulch through a mid-2009 acquisition but pockets ~$42M as a result of a settlement agreement with the U.S. Department of the Interior.
- BBG will retain a 90% interest in 4,650 gross acres, which it considers the most prospective leasehold acreage as it immediately offsets existing production and infrastructure.
Nov. 6, 2014, 7:23 AM
Nov. 5, 2014, 5:30 PM
- AAON, AAP, AAWW, AEE, AES, AINV, AKRX, AMCX, AMRC, AMSC, AOL, APA, AZN, BBG, BCE, BCRX, BDBD, BKCC, BR, CDW, CECE, CECO, CNK, CNQ, COTY, CPN, CRZO, CVC, CYNI, DNOW, DTV, ERJ, FSYS, FUN, FUR, GEO, GLP, GNRC, GOLD, HAIN, HII, HNR, HSC, HSIC, HSP, HZNP, IT, KATE, KERX, KLIC, LIN, LMIA, LPI, MITL, MPEL, MWIV, NAVB, NRF, NTWK, NXTM, ONE, OWW, PBH, PDCE, PERI, PHMD, PKD, PMC, PNK, POZN, PRFT, PRGO, PRIM, PTCT, RDNT, RGEN, SATS, SCMP, SFUN, SFY, SGM, SLH, SNI, SNMX, SRPT, TAP, TCPC, TDC, TEDU, THS, TK, TNDM, TPH, TU, VC, VIVO, WAC, WD, WEN, WIN, ZEUS
Oct. 1, 2014, 7:45 AM
- Vanguard Natural Resources (NASDAQ:VNR) completes its previously announced acquisition of Bill Barrett (NYSE:BBG) for an adjusted price of $508M, and says the deal will be immediately accretive to distributable cash flow at closing.
- The acquisition includes an average working interest of 78% in ~950 producing wells, 119 recompletion projects and 94 proved undeveloped vertical drilling locations.
- VNR's borrowing base is increased to $2B from $1.525B.
Sep. 17, 2014, 10:33 AM
- Bill Barrett (BBG +2.8%) is upgraded to Buy from Neutral with a $28 price target, up from $24, at Mizuho following the recent transactions which complete BBG's transition to a Rockies oil producer while strengthening its balance sheet.
- Mizuho likes the transactions, whose value totaled $757M and brought in $568M of cash proceeds that BBG will use to pay down its $280M revolving credit facility.
- Lower leverage, a leaner and more attractive portfolio, and improved growth trajectory should generate multiple expansion, according to the firm, which believes valuation is supportive at these levels and sees upside to NAV from downspacing and longer laterals in the DJ Basin.
Sep. 16, 2014, 7:40 AM
- Vanguard Natural Resources (NASDAQ:VNR) agrees to acquire natural gas and liquids properties in the Piceance Basin in Colorado from Bill Barrett (NYSE:BBG) for $525M.
- The properties consist of ~12K net acres currently producing ~67M cfe/day, consisting of ~76% natural gas, 19% NGLs and 5% oil.
- VNR says the deal brings operations of 950 producing wells in a large, prolific natural gas basin with an established infrastructure in place and multiple pipeline outlets to market production.
- For BBG, the transaction is one of several that total $757M in divestitures of Powder River and Piceance Basin properties, including the acquisition of 7,856 net acres and 390 boe/day net production within the southern block of its operated Northeast Wattenberg area.
Aug. 4, 2014, 2:31 PM
- Noble Energy (NBL +5.8%) and Anadarko Petroleum (APC +5.3%) spike higher on news of an agreement to remove anti-fracking initiates from the ballot in Colorado.
- Gov. Hickenlooper and U.S. Rep. Polis are forming a task force to craft regulations to minimize conflicts over the siting of oil and gas facilities in Colorado; under the proposal, two initiatives aimed at tightening controls would be withdrawn and two initiatives considered pro-industry also would be pulled.
- Wells Fargo views the deal as a positive for companies with exposure to the Denver-Julesburg Basin, including NBL, APC, Bill Barrett (BBG +4.8%), PDC Energy (PDCE +10.1%), Whiting Petroleum (WLL +4.5%) and Carrizo Oil & Gas (CRZO +4.3%).
Jul. 31, 2014, 4:35 PM
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