|Bid||33.88 x 800|
|Ask||33.91 x 900|
|Day's Range||33.69 - 34.26|
|52 Week Range||31.07 - 49.43|
|Beta (3Y Monthly)||1.52|
|PE Ratio (TTM)||10.96|
|Forward Dividend & Yield||1.88 (5.68%)|
|1y Target Est||N/A|
(Bloomberg) -- Saudi Aramco has picked Lazard Ltd. and Moelis & Co. to advise on the oil giant’s second attempt at the world’s largest initial public offering, people with knowledge of the matter said.The boutique investment banks have started preparatory work on the offering, according to the people, who asked not to be identified because the information is private. They are expected to play a key role in the listing, including in the selection of underwriters and listing venues as well as working to ensure Aramco can secure its valuation expectations, the people said.The selection is a boon particularly for Lazard, which wasn’t one of the advisers on Aramco’s first listing attempt. The oil producer was originally working with Evercore Inc. and Moelis, as well as HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley. Lazard’s success working on the blockbuster Aramco bond sale this year put it in pole position to secure a role on the IPO.QuickTake: All About That Saudi Plan for the World’s Biggest IPOLazard was pushing hard in recent weeks to win a spot on the planned share sale, sending some of its top global dealmakers from London, Paris and Houston to woo Aramco officials at meetings in the Middle East, Bloomberg News reported earlier this week. The firm, run by Ken Jacobs, is likely to replace one of the original advisers that previously worked on the listing plans, people with knowledge of the matter have said.Moelis was up 1.4% at 9:51 a.m. in New York trading on Tuesday after earlier gaining as much as 4.1%. Lazard shares fell 0.7% and are up about 2.3% this week after Bloomberg reported Monday that it was likely to win a role on the IPO.$100 Billion DealAramco, which is planning a stock-market listing as early as in 2020, is still planning to add more banks to the deal, the people said. No final decisions have been made, and the company, officially known as Saudi Arabian Oil Co., could still change or delay its plans, according to the people.A spokeswoman for Moelis declined to comment, while a representative for Lazard didn’t immediately respond to a request for comment.“Saudi Aramco continues to look at multiple options in the IPO process,” the company said in an emailed statement. “Appropriate updates (if any) will be provided as and when available.”The kingdom looks set to reward banks that have shown loyalty with positions on the listing, which could raise about $100 billion. Lazard’s success on its debt issuance, which allowed Aramco to borrow $12 billion at a lower yield than its sovereign parent, came at a time when Saudi Arabia was still facing international criticism over the assassination of journalist Jamal Khashoggi.Ken Moelis, who’s earned himself the moniker “Ken of Arabia,” was one of the few Western bank executives to show up to Saudi Arabia’s signature investment summit in October 2018 in the aftermath of the Khashoggi scandal.Read more about the renewed IPO push here.The IPO project was first announced in 2016 as the cornerstone of the kingdom’s Vision 2030 plan to modernize the Saudi economy, with a target of listing in the second half of 2018. Aramco formally put the IPO plans on hold last year and instead decided to buy a $69 billion stake in local chemical giant Saudi Basic Industries Corp.(Updates with share prices in fifth paragraph.)To contact the reporters on this story: Dinesh Nair in London at email@example.com;Myriam Balezou in London at firstname.lastname@example.org;Matthew Martin in Dubai at email@example.comTo contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Lazard Ltd.’s success working on the blockbuster Saudi Aramco bond sale this year has put it in pole position to secure a coveted spot on the oil giant’s second attempt at the world’s largest initial public offering.Several rival bankers seeking a role on the IPO expect Lazard to get an advisory mandate, thanks to its work on the debut bond sale by Aramco that attracted more than $100 billion of orders, people with knowledge of the matter said.The boutique advisory firm has been pushing hard in recent weeks to win a role on the planned share sale, sending some of its top global dealmakers from London, Paris and Houston to woo Aramco officials at meetings in the Middle East, the people said. Lazard, run by Ken Jacobs, is likely to replace one of the original advisers that previously worked on the listing plans, the people said, asking not to be identified because the information is private.Lazard’s shares rose as much as 4.1% in New York trading. The oil producer was originally working with Evercore Inc. and Moelis & Co., as well as HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley.$12 Billion SuccessAramco is planning a stock-market listing as early as in 2020 and is expected to favor advisers that have an existing relationship with the firm, according to the people. The success of the debt issuance, which allowed Aramco to borrow $12 billion at a lower yield than its sovereign parent, came at a time when Saudi Arabia was still facing international criticism over the assassination of journalist Jamal Khashoggi.Winning a role on the potential IPO would be a significant victory for Lazard’s efforts to bolster its Middle Eastern business. Unlike rivals such as Evercore and Moelis, Lazard has a limited on-the-ground presence in the region and covers the Gulf primarily from its offices in Europe.A successful IPO would generate hefty fees for the banks lucky enough to get on the deal. Moelis saw its shares surge in early 2017 when reports of its advisory role with the oil giant became public.Bank PitchesAramco has recently asked Saudi and international investment banks to pitch for a role on the offering, according to the people. Local banks have told to register their interest in the next week, with formal pitches expected to take place as soon as this month, the people said.The oil giant has been holding talks with a select group of investment banks as it restarts preparations for the IPO, Bloomberg News reported last month. No final decisions have been made, and Aramco’s plans could still change or be delayed, the people said.Aramco, officially known as Saudi Arabian Oil Co., declined to comment. A representative for Lazard didn’t respond to requests for comment.The IPO project was first announced in 2016 as the cornerstone of the kingdom’s Vision 2030 plan to modernize the Saudi economy, with a target of listing in the second half of 2018. Aramco formally put the IPO plans on hold last year and instead decided to buy a $69 billion stake in local chemical giant Saudi Basic Industries Corp.\--With assistance from Michael Hytha.To contact the reporters on this story: Dinesh Nair in London at email@example.com;Matthew Martin in Dubai at firstname.lastname@example.org;Myriam Balezou in London at email@example.comTo contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Amy Thomson, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Lazard Ltd (NYSE:LAZ) stock is about to trade ex-dividend in 3 days time. Investors can purchase shares before the 2nd...
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Lazard Ltd NYSE:LAZView full report here! Summary * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is low for LAZ with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NeutralETF activity is neutral. The net inflows of $4.50 billion over the last one-month into ETFs that hold LAZ are not among the highest of the last year and have been slowing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.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.
Anyone researching Lazard Ltd (NYSE:LAZ) might want to consider the historical volatility of the share price. Modern...
Hedge funds and other investment firms that we track manage billions of dollars of their wealthy clients' money, and needless to say, they are painstakingly thorough when analyzing where to invest this money, as their own wealth also depends on it. Regardless of the various methods used by elite investors like David Tepper and David […]
Lazard's (LAZ) preliminary assets under management decline sequentially in May 2019 on account of unfavorable markets and foreign exchange depreciation.
Stocks are soaring, looking to close out a strong week touching new records on the Dow and S&P. But are there buying opportunities in this market? Charlie Bobrinskoy is Ariel Investments Vice Chairman and Head of Investment Group, and he says cyclical stocks are what's cheap right now, while defensive stocks are what's expensive. He talks with Yahoo Finance's Julie Hyman, Adam Shapiro, Jared Blikre and Brian Cheung.