Reuters: Obama’s move on trade with China makes good on a promise to labor.
Reuters: Uninsured Americans hope healthcare reform will bring them coverage.
Reuters: Adobe (ADBE) will buy Omniture for $1.8 billion.
Reuters: Citigroup (C) is seeing demand from institutional investors. Read More
These are this morning’s top analyst upgrades and positive research calls seen from Wall Street analysts early this Thursday morning:
Accenture (ACN) Started as Outperform at Baird.
Anadarko Petroleum (APC) Raised to Outperform at FBR.
Apple (AAPL) Started as Outperform at William Blair.
Cubic (CUB) Raised to Overweight at JPMorgan.
International Rectifier (IRF) Started as Buy at Merriman Curhan Ford.
Nanometrics (NANO) Started as Overweight at Piper Jaffray.
Perot Systems (PER) Started as Outperform at Baird.
Rackspace (RAX) Started as Buy at ThinkEquity.
Zumiez (ZUMZ) Raised to Outperform at William Blair.
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Jon C. Ogg
These are the top pre-market early-bird analyst calls we have seen with about two and a half hours until the market opens this Tuesday morning:
Anadarko Petroleum (APC) Raised to Buy at BofA/Merrill Lynch.
Annaly Mortgage (NLY) STarted as Overweight at Barclays.
CenturyTel (CTL) Raised to Buy at UBS.
KeyCorp (KEY) Raised to Outperform at KBW.
Intel (INTC) Raised to Neutral at BofA/Merrill Lynch.
LSI Corp. (LSI) Raised to Buy at BofA/Merrill Lynch.
3M (MMM) Started as Buy at Jefferies.
Marvell Tech (MRVL) Raised to Buy at BofA/Merrill Lynch.
StatoilHydro (STO) Raised to Buy at BofA/Merrill Lynch.
Steel Dynamics (STLD) Raised to Buy at BofA/Merrill Lynch.
JON C. OGG
This morning we got to see the new equity holdings of T. Boone Pickens, via his BP Capital Management, L.P., as of March 31, 2009. Some of the higher stakes look to be in Chesapeake Energy Corporation (NYSE: CHK), Devon Energy Corporation (NYSE: DVN), Suncor Energy Inc. (NYSE: SU), and Transocean Ltd. (NYSE: RIG). Here is the full list of holdings for Pickens’ BP Capital with the implied value as of the reporting dat of March 31:
Anadarko Petroleum Corporation (NYSE: APC) has announced that it will be raising cash via a public secondary of its common stock. The exploration and production company in the oil and gas sector is selling some 30 million common shares.
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These are ten of the top pre-market analyst calls we have seen early this Tuesday morning with more than two hours until the market opens:
Anadarko Petroleum (APC) Cut to Equal Weight at Barclays.
Atmel (ATML) Raised to Outperform at FBR.
Cadbury Schweppes (CBY) Raised to Neutral at JPMorgan.
CNOOC Ltd (CEO) Cut to Neutral at JPMorgan.
Extra Space Storage (EXR) Cut to Underweight at KeyBanc.
Netsuite (N) Cut to Sell at Piper Jaffray.
Occidental Petroleum (OXY) Raised to Outperform at Barclays.
Och-Ziff Capital (OZM) Raised to Outperform at KBW.
Public Storage (PSA) Cut to Underweight at KeyBanc.
Wells Fargo (WFC) Started as Outperform at Oppenheimer.
JON C. OGG
Back in January a federal three-judge panel ruled that Anadarko Petroleum Corporation (NYSE:APC) was entitled to royalty relief on production from certain Gulf of Mexico leases, even though the government had made an error when it wrote the contracts. According to Platts, now, the US Department of Justice has filed an appeal, saying that if the ruling is allowed to stand, the government could lose more than $38 billion in royalty payments over the next 25 years. Anadarko is the industry’s stalking horse here. Many other oil majors, including BP plc (NYSE:BP), Chevron Corporation (NYSE:CVX), and Exxon Mobil Corporation (NYSE:XOM) have leases in the Gulf that could be affected by the court’s ruling.
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Anadarko Petroluem Corporation (NYSE:APC) has priced two tranches of senior notes, one of $500 million due 2014 at a coupon of 7.625% and the other of $600 million due 2019 at a coupon of 8.7%. Joint book-runners for the notes were JP Morgan (NYSE:JPM), UBS AG (NYSE:UBS) and Credit Suisse Group (NYSE:CS).
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Billionaire and activist investor Carl Icahn has made some large changes to his portfolio holdings. He and Icahn Capital, L.P. have not been immune to the market sell-off as you have seen in his Icahn Enterprises, L.P. (NYSE: IEP) share performance. Here we have commented on some of his larger stakes and larger changes or exits in positions.
Stock Tickers noted as IEP, BIIB, AMLN, MOT, YHOO, WMB, APC, TWX, TWC, AMD, TELK, QRCP, LEA, TIN, and JCP.
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Anadarko Petroleum Corp. (NYSE:APC) announced a capital spending budget of $4 billion to $4.5 billion for 2009. The company spent about $4.9 billion in 2008 and $4 billion in 2007.
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Anadarko Petroleum Corp. (NYSE:APC) is reacting to bits of news, one in discovery and one in earnings. The company just yesterday reported a "substantial oil discovery" in the deepwater Gulf of Mexico. The company did not give an estimate of total barrels, but did say that the find is similar to six other exploration wells "targeting resources of more than 100 million barrels."
Yesterday’s story about Venezuela opening the bidding for its oil resources raised an interesting question. What are the chances that Exxon Mobil Corporation (NYSE:XOM), with nearly $40 billion in cash at the end of the third quarter or Chevron Corporation (NYSE:CVX) with about $11 billion will acquire new assets or purchase smaller companies? Royal Dutch Shell plc (NYSE:RDS.A-B) is sitting on nearly $8 billion in cash, and BP plc (NYSE:BP) holds more than $6 billion. If you have listened to what Big Oil operators have been saying, you can assume that there is at least some interest in them looking at opportunistic acquisitions of companies, units, or reserve assets.
ConocoPhillips Corporation (NYSE:COP), though its market cap is near $75 billion, held more than $1 billion in cash at the end of the third quarter. Another substantial E&P player, Apache Corporation (NYSE:APA), has about $1.7 billion in cash and short-term equivalents. Devon Energy Corporation (NYSE:DVN) has about $1.3 billion, and Anadarko Petroleum Corporation (NYSE:APC) has nearly $2 billion.
What energy companies have right now that other industries might not have is at least a perceived ease of access or at least somewhat easier access to capital vie debt or equity sales.
Back in 1998-1999, the Clinton administration wrote contracts for offshore drilling that were supposed to provide royalty relief for oil companies if oil prices fell below $25/barrel. Somehow, the contracts were written without a ceiling price. As a result, royalty relief is available on certain leases no matter how high crude oil prices go.
Western Gas Partners, LP (NYSE:WES) has completed the purchase of gas processing plants and gathering systems from Anadarko Petroleum Corporation (NYSE:APC). Western Gas was formed by Anadarko earlier this year to off-load Anadarko’s mid-stream assets to a separate master limited partnership. Anadarko owns about 63% of Western’s common and subordinated units and the 2% general partnership interest in Western.
The purchase price was approximately $210 million, which Western financed with a new $175 million note to Anadarko, and more than 2.5 million new common units at an implied price of $13.69/unit. Western’s share price is up slightly this morning, to $12.53/unit. Anadarko shares are up a penny, to $35.62.
Paul Ausick
December 26, 2008
Energy company asset sales have become just about the only news in the energy business. No mergers, no acquisitions, no bankruptcies, just sales. Companies are trying to position themselves and their portfolio of assets for an upturn in the economy, whenever that might happen. Anadarko Petroleum (NYSE:APC) announced yesterday that it had sold its 50% interest in a field offshore of Brazil to Norway’s StatoilHydro (NYSE:STO).
These are some of the top pre-market upgrades and downgrades we have seen from Wall Street analysts this Monday morning:
Jon C. Ogg
December 8, 2008
According to Reuters, China announced an economic stimulus package of almost $600 billion.
Reuters reports that AIG (AIG) is about to get a new bailout from the US government which will be worth $150 billion.
Reuters writes that gas prices are continuing their sharp decline.
Reuters reports that Citigroup (C) is in talks to buy a regional bank.
Reuters writes that Democrats are still asking Treasury to help US car companies.
Reuters reports that Dell (DELL) will not launch its music player before Christmas.
This morning’s earnings report from Archer-Daniels-Midland (NYSE:ADM) offers proof that if a company is going to be in the ethanol business, it had better have a fallback position. ADM blew past analysts’ estimates of $0.69 per share and $15.98 billion in revenue, hitting EPS of $1.63 on revenue of $21.16 billion. Both figures are more than double those for the same period last year.
ATP Oil & Gas (NASDAQ:ATPG) is a small-cap E&P company that is desperately trying to improveits share price. It is trading today about 85% lower than its 52-week high.That stinks and the company knows it. This morning, the company announced a plan to buy back 3.5 million shares, or about 10% of shares outstanding, and it is taking on more shareholder-friendly initiatives.
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