78.25 +5.11 (6.99%)
Pre-Market: 6:20AM EDT
|Bid||78.00 x 1000|
|Ask||79.30 x 900|
|Day's Range||72.20 - 73.32|
|52 Week Range||47.77 - 78.30|
|PE Ratio (TTM)||18.19|
|Earnings Date||Nov 6, 2018 - Nov 12, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||82.57|
The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Diamondback Energy Inc will acquire Energen Corp in a roughly ...
Diamondback Energy Inc. will acquire Energen Corp. in a roughly $8.4 billion all-stock transaction, a deal that comes as energy producers face pressure to control rising costs. Energen shareholders will receive 0.6442 share of Diamondback stock for each Energen share they own. If the deal is completed, Diamondback shareholders would own approximately 62% of the combined company, with Energen stock owners controlling the rest.
SAN DIEGO, Aug. 14, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Energen Corporation (EGN) ("Energen") breached their fiduciary duties in connection with the proposed sale of the Company to Diamondback Energy, Inc. (FANG) ("Diamondback"). Energen engages in the exploration, development, and production of oil, natural gas liquids, and natural gas. On August 14, 2018, Energen announced that it had signed a definitive merger agreement with Diamondback.
Energen had been under pressure from activist investor Corvex Management for more than a year to sell itself to address weak returns. The proposed acquisition is Diamondback's second in the Permian in a week, after striking a deal to pay $1.2 billion for Ajax Resources LLC. West Texas shale producers also are facing pressure to expand scale and efficiency in the Permian basin as higher costs for services, and the need to secure limited pipeline transport out of the region, weigh on smaller and midsize companies.
U.S. oil and gas producer Diamondback Energy Inc on Tuesday agreed to buy shale rival Energen Corp in an all-stock deal valued at $9.2 billion, giving it an expanded footprint in the country's largest and fastest growing oil field. Energen had been under pressure from activist investor Corvex Management for more than a year to sell itself to address weak returns. The proposed acquisition is Diamondback's second in the Permian in a week, after striking a deal to pay $1.2 billion for Ajax Resources LLC.
NEW YORK, Aug. 14, 2018-- The following statement is being issued by Levi & Korsinsky, LLP:. To: All Persons or Entities who purchased Energen Corporation stock prior to August 14, 2018. You are hereby ...
Diamondback Energy (NASDAQ: FANG) is acquiring Birmingham-based Energen Corp. (NYSE: EGN) in a deal valued at approximately $9.2 billion. James McManus, chairman and CEO of Energen, said the combination of the two companies' quality assets, track records of execution and cost structure will form a stronger company. The deal comes after months of speculation about the future of Energen, sparked by comments by hedge fund Corvex and billionaire Carl Icahn, who had argued Energen was undervalued and encouraged the company to consider selling itself.
Energen EGN surged more than 7 percent in after-hours trading after Diamondback Energy FANG announced it was acquiring the oil and gas company for about $9.2 billion, including debt, or $84.95 per share. Diamondback's stock, meanwhile, lost 7.3 percent. Teva Pharmaceuticals TEVA rose 1.2 percent after a regulatory filing showed Warren Buffett's Berkshire Hathaway increased its position by 6.7 percent during the second quarter.
Diamondback Energy Inc. (fang) has agreed to buy Energen Corp. (egn) in an all-stock deal valued at about $9.2 billion, including Energen's net debt of $830 million as of June, the companies said late Tuesday. Under the terms of the deal, Energen shareholders would receive 0.6442 shares of Diamondback common stock, representing an implied value to each Energen shareholder of $84.95 a share based on the closing price of Diamondback stock on Monday. The deal would make Diamondback one of the largest independent energy companies in West Texas's Permian basin, and increase by 57% Diamondback's net acreage in the one of the most prolific U.S. "tight" oil and gas regions.
Diamondback Energy Inc. has to agreed to buy Energen Corp. in an all-stock deal worth about $9.2 billion, including debt.
Diamondback Energy Inc.’s agreement to buy Energen Corp. in an $8.4 billion all-stock deal makes it official: The long-awaited Permian Basin buying spree has arrived, promising to shake up the U.S. shale industry. In March, Concho Resources Inc. paid $9.5 billion including debt for RSP Permian Inc. In July, BP Plc said it would spend $10.5 billion across three U.S. shale plays, including the Permian. “There will be further consolidation over time for sure,” said Leo Mariani, an Austin-based analyst at NatAlliance Securities.
Diamondback Energy, Inc. (FANG) (“Diamondback” or the “Company”) and Energen Corporation (EGN) or (“Energen”), today announced that they have entered into a definitive agreement under which Diamondback will acquire Energen in an all-stock transaction valued at approximately $9.2 billion, including Energen’s net debt of $830 million as of June 30, 2018. The consideration will consist of 0.6442 shares of Diamondback common stock for each share of Energen common stock, representing an implied value to each Energen shareholder of $84.95 per share based on the closing price of Diamondback common stock on August 13, 2018.
Diamondback Energy, Inc. (FANG) (“Diamondback” or the “Company”) and Energen Corporation (EGN) or (“Energen”), today announced that they have entered into a definitive agreement under which Diamondback will acquire Energen in an all-stock transaction valued at approximately $9.2 billion, including Energen’s net debt of $830 million as of June 30, 2018. The consideration will consist of 0.6442 shares of Diamondback common stock for each share of Energen common stock, representing an implied value to each Energen shareholder of $84.95 per share based on the closing price of Diamondback common stock on August 13, 2018. The transaction was unanimously approved by the Board of Directors of each company.
The consolidation of the US shale oil industry is continuing with an agreed $9.2bn deal to combine Diamondback Energy and Energen, two of the largest exploration and production companies focused on the Permian Basin of Texas and New Mexico. Diamondback is buying Energen in an all-share deal that values it at $9.2bn, including $830m of debt, with the aim of cutting costs through economies of scale. Travis Stice, chief executive of Diamondback, said in a statement that the deal “adds critical mass for driving capital efficiencies in what is now truly becoming a manufacturing business”.
Moody's Investors Service ("Moody's") upgraded Energen Corporation's (Energen) Corporate Family Rating (CFR) to Ba2 from Ba3, Probability of Default Rating (PDR) to Ba2-PD from Ba3-PD and senior unsecured notes to B1 from B2. The Speculative Grade Liquidity (SGL) rating was lowered to SGL-2 from SGL-1. "Energen's ratings upgrade reflects our expectation that the company will continue to execute its three year growth plan to substantially increase its production and reserves, while maintaining strong credit metrics and good liquidity.
NEW YORK, Aug. 09, 2018-- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors, traders, and shareholders of New ...
Energen Corporation (NYSE: EGN ), an oil exploration and production company that focuses on the Permian Basin, reported Tuesday morning with second-quarter results that came in better than expected, but ...
Oil and gas company Energen Corp beat quarterly profit estimates on Tuesday, helped by new well designs and higher oil prices, prompting it to forecast a rise in production for the rest of the year. The company, which is a potential takeover target for activist investor Carl Icahn and hedge fund Corvex Management, sold oil at a higher average realised price of $61.21 per barrel in the second quarter, compared with $44.54 a year earlier. Chief Executive Officer James McManus said wells completed with the "Generation 3" frac design, which typically use tighter spacing between fractures and increased sand concentration, led to a rise in production.
Energen (EGN) delivered earnings and revenue surprises of 2.67% and 0.85%, respectively, for the quarter ended June 2018. Do the numbers hold clues to what lies ahead for the stock?
NEW YORK, NY / ACCESSWIRE / August 7, 2018 / Energen Corporation (NYSE: EGN ) will be discussing their earnings results in their Q2 Earnings Call to be held on August 7, 2018 at 8:30:00 AM Eastern Time. ...
The Birmingham, Alabama-based company said it had net income of 70 cents per share. Earnings, adjusted for non-recurring costs, came to 77 cents per share. The results exceeded Wall Street expectations. ...
CNBC's Jackie DeAngelis reports on Diamondback Energy's acquisition of Energen in a $9.2 billion deal, and what it says about the oil markets.