The affiliates of Apollo Global Management LLC (APO) have announced the expansion of their strategic partnership with energy company, Double Eagle Energy Holdings to invest in oil and gas properties.
Based in Texas, Double Eagle primarily focuses on acquiring and owning oil and gas assets across North America. It is now established as one of the largest independent acquirer of lease hold interests throughout Texas and Mid-Continent. In the last few years, it has leased over one million acres.
On the other hand, Apollo Global operates as a leading global alternative investment manager and has offices in Los Angeles, New York, London, Houston, Frankfurt, Mumbai, Singapore, Hong Kong and Luxembourg.
Double Eagle’s unique business strategy and in-depth understanding about the industry help them to successfully acquire and manage non-operated working interest generating superior returns and Apollo Global expects to benefit from it.
On the other hand, Double Eagle looks forward to enhance its business through the partnership expansion with Apollo Global. They have jointly created several viable business strategies in the Mid-Continent and are eager to aggressively explore more such opportunities in new locations such as in the Rockies, the Eagle Ford and the Permian basin. Following the partnership expansion deal, Apollo Global and Double Eagle will also continue with their existing operations in Mid-Continent.
Apollo Global is set to release its fourth-quarter and full-year 2013 financial results on Feb 7, 2014. The Zacks Consensus Estimate for 2013 is currently pegged at $4.52 that moved up 2.5% during the last 30 days.
Apollo Global presently carries a Zacks Rank #3 (Hold). Other better-ranked financial stocks worth considering include Artisan Partners Asset Management Inc. (APAM), Calamos Asset Management Inc. (CLMS) and Fortress Investment Group LLC (FIG). All these stocks carry a Zacks Rank #1 (Strong Buy).