|Bid||73.47 x 1400|
|Ask||73.47 x 900|
|Day's Range||73.34 - 73.63|
|52 Week Range||40.40 - 76.23|
|Beta (3Y Monthly)||1.57|
|PE Ratio (TTM)||77.38|
|Earnings Date||Jul 29, 2019 - Aug 2, 2019|
|Forward Dividend & Yield||1.20 (1.63%)|
|1y Target Est||71.57|
Anadarko Petroleum (APC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Occidental Petroleum pens a letter to shareholders, asking them to ignore Icahn's request to add four board members.
(Bloomberg) -- Occidental Petroleum Corp.’s leaders hastily put together its $38 billion deal for Anadarko Petroleum Corp. in a job-preserving bid to stave off a takeover itself, according to activist investor Carl Icahn.Occidental Chief Executive Officer Vicki Hollub and Chairman Eugene Batchelder appear to have negotiated the "extremely risky" transaction because they were worried their oil and gas explorer was in the crosshairs of a potential buyer, Icahn said in a letter that will be sent to Occidental shareholders Monday."I do believe that Hollub and Batchelder know what’s good for them and their personal agendas but do not particularly care what’s good for shareholders," Icahn said in the letter, a copy of which was reviewed by Bloomberg. "With [Occidental] weakened and doing poorly, Hollub and Batchelder were fearful there would be a bid for the company which shareholders would accept."The letter is Icahn’s latest salvo in the activist investor’s attack on Occidental after it successfully outbid Chevron Corp. for Anadarko in May, striking the oil industry’s biggest deal in at least four years. Icahn, who owns a $1.7 billion stake in Occidental, has lambasted the financing for the deal and lack of a requirement for shareholder approval.Occidental has urged shareholders not to support Icahn’s effort to replace four directors, arguing it’s not in the best interest of shareholders. Separately, it also appointed Robert Shearer, a former managing director at BlackRock Inc., to the board earlier this month.Push BackHollub pushed back against Icahn’s nominees in her own letter to shareholders Monday, saying none of them possess "skills that are additive or superior to our existing directors." The deal, expected to close in the second half of the year, is forecast to deliver $3.5 billion in cost and capital-spending synergies, she said."Mr. Icahn’s own statements demonstrate that he does not understand or support the strategic and financial merits of the acquisition and we believe that his board nominees would interfere with our ability to successfully integrate Anadarko’s valuable assets, execute our divestiture and deleveraging plan and deliver on the full promise of this acquisition at this critical juncture," she said.The back-and-forth comes less than a week after Icahn formally asked Occidental investors to help him replace four of the company’s 10 directors and potentially push for a sale. Icahn had spoken to Hollub several times over the past six weeks about his concerns over the Anadarko deal, he said in a proxy filing last week.Icahn said in an interview on Bloomberg TV that he was trying to prevent Occidental from repeating mistakes similar to the ones it made negotiating the Anadarko deal. Hollub could have arranged financing for the deal months in advance but "panicked" when the need arose, he said."You need somebody like us, or a voice on that board to keep these people honest," Icahn said. "The board has done a deal that I think is ridiculous. They could panic again."Hollub and Batchelder have an "egregious track record" despite being highly paid, Icahn said in the letter. Occidental’s board "rubber stamped" the Anadarko deal, negotiating it too quickly as it structured it to avoid a shareholder vote, he said.Occidental’s executives, with limited mergers and acquisitions experience, gave up too much in the $10 billion financing deal they struck with Warren Buffett’s Berkshire Hathaway to outbid Chevron, Icahn said. Hollub was "arrogant" to think she could negotiate with Buffett, he said."Buffett literally took her to the cleaners,” he said in the letter. “The Buffett deal was like taking candy from a baby and amazingly she even thanked him publicly for it!”Buffett will receive an 8% return on his preferred shares to finance the deal plus warrants to buy common shares, a similar structure the financier used before in taking stakes in Bank of America Corp. and Goldman Sachs Group Inc. Icahn claimed that at least one large investor that he knows of would have provided the financing without the warrants.Icahn filed paperwork last week seeking support from 20% of Occidental shareholders, which would force the company to set a record date to establish which investors would be eligible to vote on replacing the directors. If that were achieved, Icahn would then solicit their written consent for removal, which he described as a "long and expensive" process.But he said change was necessary given that the company’s shares have fallen 33% since Hollub became CEO in April 2016 when oil was trading at $45 a barrel, underperforming its peers over the same period of time. He said those declines came despite a 25% increase in oil prices in the same time frame. The company has also lost $12 billion in market value since its interest in buying Anadarko was first reported.Occidental fell 0.3% to $52.15 at 2:09 p.m. in New York trading, giving the company a market value of about $39 billion.(Updates with Icahn’s comments in paragraph nine, share price in final paragraph.)To contact the reporters on this story: Scott Deveau in New York at firstname.lastname@example.org;Kevin Crowley in Houston at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, ;Simon Casey at email@example.com, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Occidental Petroleum Corp on Monday sharply criticized activist investor Carl Icahn's efforts to oust and replace four of its directors, and attacked his slate of board nominees as inadequate for the job. Icahn, who owns 4.4% stake in the Houston-based oil and gas producer, launched a proxy fight last week, arguing that the company overpaid for Anadarko Petroleum and failed to give shareholders a say in the proposed $38 billion deal. The proxy fight is unlikely to stop the Anadarko deal, but would influence the pace and direction of billions of dollars of asset sales that will result after the acquisition closes.
Occidental Petroleum Corp on Monday criticized activist investor Carl Icahn's efforts to oust and replace four of its directors, saying his slate of nominees were inadequate for the post. Icahn, who owns 4.4% stake in the Houston-based oil and gas producer, launched a proxy fight last week, arguing that the company overpaid for Anadarko Petroleum and failed to give shareholders a say in the proposed $38 billion deal. The proxy fight is unlikely to stop the Anadarko deal, but would influence the pace and direction of billions of dollars of asset sales that will result after the acquisition closes.
Iran Seizes Tanker, Oil Prices Yawn As trading was coming to a close on Friday last week, in the waning hours of the afternoon, Iran announced to the world that its commandos rappelled aboard and seized a British-flagged oil tanker called the Stena Impero. Great Britain has called this a “hostile act” which makes a […]The post Market Morning: Iran Seizes Tanker, Icahn Rages, Equifax Nears Settlement, No-Deal Chances Inch Up appeared first on Market Exclusive.
Carl Icahn renewed his attack on Occidental Petroleum and its chief executive Vicki Hollub on Monday, saying the investor Warren Buffett “figuratively took her [Hollub] to the cleaners” after he pumped billions of dollars into Occidental to fund its $55bn takeover of rival Anadarko Petroleum. Mr Icahn, whose activist investment vehicles have built a $1.6bn stake in Occidental, has stepped up his opposition to the deal since May when he filed a lawsuit against the company and labelled the deal as “fundamentally misguided and hugely overpriced”. In his latest missive, he has criticised Ms Hollub for having limited experience in handling mergers and acquisitions when she agreed a $10bn financing package for the Anadarko transaction involving Mr Buffett’s Berkshire Hathaway.
Occidental's leaders hastily put together its $38B deal for Anadarko in a job-preserving bid to stave off a takeover itself, according to activist investor Carl Icahn.
(Bloomberg) -- Billionaire Carl Icahn formally asked Occidental Petroleum Corp. investors to help him replace four of the company’s 10 directors and potentially push for a sale. The shares climbed more than 2%.Icahn and Occidental Chief Executive Officer Vicki Hollub spoke three times in the last six weeks both by phone and in person to discuss his ideas about corporate governance reforms after the company’s $38 billion deal to buy Anadarko Petroleum Corp. earlier this year, he said in a proxy filing Thursday.Buying Anadarko was a “high-risk strategy” that may not have passed muster with shareholders had they been allowed to vote, Icahn said. “The board has acted and continues to act with a complete disregard with respect to stockholder demands and good governance,” he said in the filing.Occidental “is reviewing the latest materials filed by Mr. Icahn and will respond in due course,” the company said in a statement. The stock rose 1.8% to $51.92 at 12:08 p.m. in New York after earlier rising as much as 2.1%.The proxy battle could be a vehicle for investors to express discontent with a management team that outbid Chevron Corp. for Anadarko to expand in the Permian Basin, the world’s biggest shale oil field. The high price Occidental paid and expensive funding from Warren Buffett sparked concern among some shareholders at a time when rival oil explorers are becoming more fiscally prudent.Icahn, who said in May he built a $1.6 billion stake in Occidental, wants Chairman Eugene Batchelder to step down along with board members Spencer Abraham, Margaret Foran and Avedick Poladian. The billionaire’s hand-picked replacements would be John Hofmeister, a retired Royal Dutch Shell Plc executive, former Jarden Corp. CFO Alan LeFevre, and Nicholas Graziano and Andrew Langham of Icahn Enterprises.(Adds Occidental comment in fourth paragraph.)To contact the reporter on this story: Kevin Crowley in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Icahn and his affiliates launched the proxy battle in response to Occidental's multibillion-dollar deal to acquire Anadarko.
Activist investor Carl Icahn formally launched on Thursday a proxy fight against Occidental Petroleum to win control of four board seats, a regulatory filing showed, after talks with the oil company's CEO failed to reach an agreement. Icahn, who owns 4.4% of Occidental shares, said last month he planned to launch a proxy fight to oust and replace four Occidental directors. Icahn has blasted the Houston-based oil and gas producer for failing to give owners a say on its proposed $38 billion acquisition of Anadarko Petroleum, which he has called "misguided and hugely overpriced".
Activist investor Carl Icahn on Thursday formally launched a proxy fight against Occidental Petroleum to win control of four board seats, according to a regulatory filing, after talks with the oil company's chief executive failed to reach an agreement. Icahn, who owns 4.4% of Occidental shares, last month said he planned to launch a proxy fight to oust and replace four Occidental directors. "Occidental refused to craft a compromise and so we'll happily take our case to stockholders which the company should have done with this bet-the-company transaction," Icahn told Reuters on Thursday.
Anadarko Petroleum Corp NYSE:APCView full report here! Summary * Perception of the company's creditworthiness is positive * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is contracting Bearish sentimentShort interest | PositiveShort interest is extremely low for APC with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting APC. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding APC are favorable, with net inflows of $8.14 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS MarkitThere is no PMI sector data available for this security. Credit worthinessCredit default swap | PositiveThe current level displays a positive indicator. APC credit default swap spreads are near the lowest level of the last three years and indicate the market's continued positive perception of the company's credit worthiness.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
The latest Permian Basin play is a ‘merger of equals’ between Callon Petroleum and Carrizo Oil & Gas, the first after Chevron Corp. lost out in the battle for Anadarko Petroleum Corp.
We will hypothesize on knowledge we believe is well known and overpriced and on what isn’t well known or well believed and could be underpriced Continue reading...
ExxonMobil (NYSE:XOM) stock has so far enjoyed a good 2019. Coming off the stock market selloff of last fall, Exxon stock has risen by about 15% since the first of the year.Source: Shutterstock However, the stock has remained on a long-term downtrend since oil prices peaked more than five years ago. Although oil trades much higher than its 2016 lows, sectors such as natural gas, refining, and chemicals continue to hold ExxonMobil down.Until more of its segments see better pricing, XOM stock will struggle to rally far beyond current levels.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Exxon Stock Keeps Moving SidewaysBy segments, I do not necessarily mean oil. Yes, XOM has experienced some disruption from Tropical Strom Barry in the Gulf of Mexico. The temporary shutdown in offshore drilling could have an impact on earnings and perhaps create a buying opportunity in the stock. * 10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond However, that does not necessarily mean traders will want to take advantage. Admittedly, I liked Exxon when I covered it back in early January. It then traded at around $72 per share and had begun to recover from the stock slump that hit the market just before Christmas. Since that time, it has had ups and downs but now trades at $78 per share.Still, what concerns me most about XOM stock is the fact that it never recovered from the mid-decade slump in oil prices. In the spring of 2014, the XOM stock price had topped $100 per share. Granted, at that time, oil prices had often topped $100 per barrel. Since oil prices had fallen below $30 per barrel by 2016, one can understand the subsequent drop in ExxonMobil stock.However, oil prices have recovered to about $60 per barrel today. XOM stock remains at about the same high-$70s per share range where it traded in early 2016. In that same time, its closest peer, Chevron (NYSE:CVX) has risen by more than 50%. Chevron and Exxon StockXOM stock is clearly not a terrible investment. It remains a diversified business that can earn profits and increase dividends regardless of oil prices. The company generated just over $36 billion in free cash flow in 2018. Moreover, its 4.5% dividend yield and 36-year track record of payout hikes remain a testament to its stability.Furthermore, ExxonMobil leads the world in refining and polyethylene production. It also remains the leading natural gas producer in the country. With natural gas, Chevron lags much smaller players such as Chesapeake Energy (NYSE:CHK), Anadarko Petroleum (NYSE:APC), and Devon Energy (NYSE:DVN).However, except on dividend yield and production levels, it finds itself continuously outmatched by Chevron. Moreover, according to Barron's, ExxonMobil will have to spend 75% more to increase its oil-equivalent production. It also faces weak margins in refining and chemicals in addition to low natural gas prices.Furthermore, both Exxon stock and Chevron trade at about the same price-to-earnings (PE) ratio. ExxonMobil's PE ratio stands at about 17.9 compared with 17.3. Both will see shrinking profits this year.However, analysts forecast a 21.3% decline for XOM. They predict a drop of 4.4% for Chevron. Chevron also looks poised for higher growth when earnings begin to increase for both companies. Although holders of XOM stock may earn more dividend income, Chevron stock will probably benefit more from its comparatively higher growth. Final Thoughts on Exxon StockDespite a surge in recent months, underperformance continues to define XOM stock. ExxonMobil has risen this year. However, the equity remains in a long-term downtrend.Although a storm in the Gulf may have only temporary effects on drilling, XOM investors will probably have to worry about low price levels in segments such as natural gas and refining for a longer period. Moreover, its archrival Chevron continues to grow faster and outperform ExxonMobil on most financial metrics.At current levels, XOM can offer relative stability and a generous dividend payout, but little else.As of this writing, Will Healy is long CHK stock. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy for Less Than Book * 7 Marijuana Stocks With Critical Levels to Watch * The 10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond The post Despite Moving Higher, Exxon Stock Still Underperforms appeared first on InvestorPlace.
Tropical Storm Barry is expected to bring heavy rain and cause dangerous flooding across southeastern Louisiana.
Jul.22 -- Carl Icahn, chairman at Icahn Enterprises Holdings, discusses his objection to Occidental Petroleum Corp.'s $38 billion deal for Anadarko Petroleum Corp. and his bid to place four members on Occidental's board. He speaks with Bloomberg's Erik Schatzker on "Balance of Power."
Oil sliding despite growing tensions around the Strait of Hormuz. This following reports that Iran has seized a British-flagged oil tanker in the area. Yahoo Finance's Seana Smith, President of MWS Capital Consultants Matt Shapiro and Crisis Group's Naysan Rafati discuss.