|Bid||7.46 x 3200|
|Ask||7.47 x 4000|
|Day's Range||7.39 - 7.96|
|52 Week Range||6.15 - 13.95|
|Beta (5Y Monthly)||2.14|
|PE Ratio (TTM)||1.14|
|Earnings Date||Feb 24, 2020 - Feb 28, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||12.02|
Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an […]
ConocoPhillips (COP) unveiled a 10-year plan that targets, among others, $50 billion in free cash flow. Meanwhile, HollyFrontier (HFC) raised its dividend by 6%.
Small cap stocks are listed companies that have market capitalizations ranging from $300 million to $2 billion. Since the share prices of these companies can have big fluctuations over a short period of time, companies with market caps of up to $10 billion are also found in the small cap universe. Owing to their small-sized classification, companies in industrial sectors make up a large share of the small cap universe.
A flurry of oil and gas industry mergers in early fall buoyed what has been a quiet market for deals. Experts says its a sign of declining investor confidence even as companies producing oil and natural gas from onshore shale basins like Colorado’s Denver-Julesburg Basin set new records in production. The industry is caught between debt taken on in 2017 and 2018 as companies raced to establish growth amid high oil prices and the sudden lack of confidence in the sector now that lower oil prices have lingered and U.S. oil production continues to boom and contribute to oversupply.
HOUSTON, Nov. 20, 2019 /PRNewswire/ -- Callon Petroleum Company (CPE) ("Callon" or the "Company") and Carrizo Oil & Gas, Inc. (CRZO) ("Carrizo") today announced that proxy advisory firm Institutional Shareholder Services ("ISS"), upon review of Callon's revised offer, now recommends that Callon shareholders vote "FOR" the acquisition of Carrizo and related proposals, as put forth in the proxy supplement filed on November 18, 2019. Additionally, ISS maintained its recommendation that Carrizo common shareholders vote "FOR" the acquisition by Callon.
Hedge fund Paulson & Co, a top shareholder in Callon Petroleum Co, said on Monday it would not oppose the U.S. shale producer's reduced buyout offer for Carrizo Oil & Gas Inc, while cutting its stake in the company. Billionaire investor John Paulson's hedge fund, which did not give any details on its latest shareholding, had a 9.5% stake in Callon as of Nov. 6. Paulson had earlier opposed the deal saying that a 25% premium for the acquisition was too steep and that Callon would lose its position as a Permian pure play by acquiring a company with holdings in the Eagle Ford shale region of South Texas.
NEW YORK, Nov. 18, 2019 /PRNewswire/ -- Paulson & Co. Inc. ("Paulson"), as manager of funds holding shares of Callon Petroleum Company ("Callon" or the "Company") (CPE), announced it no longer opposes the proposed acquisition of Carrizo Oil & Gas Inc. ("Carrizo") (CRZO) and will vote its shares in favor of the transaction. While Paulson believes that a pure Permian focused producer would be a more attractive alternative, Paulson respects that different shareholders might have different viewpoints on this matter. As such, although Paulson no longer opposes the transaction, it has reduced its investment position in Callon.
Carrizo Oil & Gas, Inc. (CRZO) and Callon Petroleum Company (CPE) today made announcements regarding the record dates for their respective reconvened special meetings of shareholders to consider and vote on matters relating to the Agreement and Plan of Merger, as amended, by and between Callon and Carrizo. Callon and Carrizo also announced that they will file later today supplemental proxy materials reflecting the amended terms of the merger agreement with the U.S. Securities and Exchange Commission (the “SEC”). In addition, Callon announced that it will file an updated investor presentation later today, which will also be available on the Investor Relations section of Callon’s website at https://ir.callon.com/.
Hedge fund Paulson & Co. Inc. is dropping its opposition to U.S. shale producer Callon Petroleum Company's buyout of rival Permian player Carrizo Oil & Gas.
(Bloomberg Opinion) -- Here’s a company that really wants to get bought:As you can see, that wasn’t the case with Carrizo Oil & Gas Inc. up until quite recently. Back in early 2018, when it was trading at about $17 a share, the exploration and production company rejected activist Kimmeridge Energy Management Co.’s calls to either sell the whole company or a big slug of assets. It then capitalized on the summer’s upswing in oil prices — how long ago that seems — to sell a slug of new stock instead, at $23 apiece. By this summer, its confidence had waned and it agreed to an all-stock takeover by Callon Petroleum Co. valuing it at $13 and change — a deal so well-received that the one-day drop in Callon’s stock all but wiped out the 25% premium.Callon picked up an activist of its own a few months ago when Paulson & Co. said it was overpaying for Carrizo. So on Thursday, amended terms were announced. Carrizo has now agreed to an offer that gives it 42% of the combined company — versus 45% before — at a value of just $7.81 per share. That is barely a third of what investors paid for new stock in August 2018. It is, in fact, much lower than the price of every one of the 10 secondary stock sales Carrizo has carried out in the past 12 years, according to figures compiled by Bloomberg. Remarkably, the implied market value for Carrizo of $723 million is below the $850 million value the companies estimated back in July for the cost savings and efficiencies arising from the deal.This puts the “pit” in capitulation. Along with the revised share ratio, Callon’s executives will also forgo the special bonuses they would have received and which came under particular fire from Paulson. Callon also agreed to cap the authorized share count of the combined group.Carrizo’s past 18 months or so captures perfectly the broader shift in sentiment toward frackers. Kimmeridge’s original tilt at Carrizo was predicated on the notion that, like many of its peers, it lacked sufficient scale to operate efficiently and incentives for management needed an overhaul. The 2018 rally in oil prices let Carrizo shrug that off. The subsequent drop and associated derating of E&P stocks, as investors gave up on the oil option notionally embedded in them, forced a quick rethink on Carrizo’s part. But the lingering expectations that recovery just had to be around the corner, along with the ever-present skewed compensation practices embedded in Callon’s offer, were also behind the times.As of now, it’s unclear if Paulson backs the revised deal terms, though the pointed lack of any statement to that effect in Thursday’s announcement suggests it isn’t nailed down. Meanwhile, the shareholder vote has been pushed back a month. Consolidation in shale-land has been needed for a while, but management teams have resisted. The Carrizo-Callon saga shows it will ultimately happen anyway, just from a position of weakness rather than strength.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
In the wake of investor pressure, two Houston-based energy companies have revised the terms of their multibillion-dollar deal the same day shareholders were scheduled to vote on the acquisition.
U.S. shale producer Callon Petroleum on Thursday cut its buyout offer for rival Carrizo Oil & Gas and postponed a shareholder vote in a last ditch effort to win support for the deal. The first major shale merger since Occidental Petroleum Corp's purchase of Anadarko sent Callon's shares tumbling. Its bid was seen as a test of whether investors who have opposed shale mergers would accept an all-stock deal that promised higher earnings and cash flow.
HOUSTON, Nov. 14, 2019 /PRNewswire/ -- Callon Petroleum Company (CPE) and Carrizo Oil & Gas, Inc. (CRZO) today announced an amendment to the existing terms of their agreement for Callon to acquire Carrizo in an all-stock transaction. Under the amended terms, Carrizo shareholders will receive 1.75 shares of Callon common stock for each share of Carrizo common stock they own. With the amended exchange ratio, Callon shareholders will own approximately 58% of the combined company and Carrizo shareholders will own approximately 42% on a fully diluted basis.
13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s attaining a greater than 5% position in any class of a company’s securities. Impactive Capital disclosed on Nov. 1 that it had purchased 44,744 shares of the audio- and video-content maker and distributor, lifting its stake to 3,700,000 shares. The purchases were executed at prices ranging from $5.94 to $6 per share from Sept. 25 through Oct. 10 and now give Impactive an 8.6% interest in Avid Technology.
NEW YORK, Nov. 6, 2019 /PRNewswire/ -- Paulson & Co. Inc. ("Paulson"), as manager of funds holding 21.6 million shares, or 9.5% of those outstanding, of Callon Petroleum Company ("Callon" or the "Company") (CPE), today voted its Callon shares against the proposed acquisition of Carrizo Oil & Gas Inc. ("Carrizo") (CRZO). Paulson notes that Institutional Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass Lewis") both recommend that Callon shareholders vote against the Company's proposed acquisition of Carrizo.
Carrizo (CRZO) delivered earnings and revenue surprises of 2.99% and -1.79%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Carrizo Oil & Gas, Inc. today announced the Company’s financial results for the third quarter of 2019 and provided an operational update. Highlights include:
HOUSTON, Nov. 4, 2019 /PRNewswire/ -- Callon Petroleum Company (CPE) ("Callon" or the "Company") issued the following statement in response to a report by Institutional Shareholder Services ("ISS") regarding Callon's all-stock acquisition of Carrizo Oil & Gas, Inc. (CRZO). Callon's stated strategy remains unchanged: As we have articulated in numerous quarterly investor calls, and on slide 20 of our recently filed investor presentation, Callon has been pursuing four strategic financial objectives: increase cash return on invested capital, generate free cash flow, reduce leverage and maintain a long-term focus. This transaction clearly advances each point of Callon's strategy.
13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s attaining a greater than 5% position in any class of a company’s securities. Legion Partners Asset Management revealed on Oct. 28 that it had 3,567,946 shares of the purified water retailer—9.1% of the outstanding stock.
The financial regulations require hedge funds and wealthy investors that crossed the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
Carrizo (CRZO) 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.