|Bid||54.91 x 800|
|Ask||54.91 x 800|
|Day's Range||54.64 - 55.20|
|52 Week Range||49.70 - 65.69|
|Beta (3Y Monthly)||0.56|
|PE Ratio (TTM)||12.44|
|Forward Dividend & Yield||2.87 (5.15%)|
|1y Target Est||72.00|
(Bloomberg) -- Total SA had an eye on Anadarko Petroleum Corp.’s assets in Africa for over a year, Total Chief Executive Officer Patrick Pouyanne said.
Although it had been the underdog against Chevron in the competition to win Anadarko, Oxy pulled out all the stops to make a deal happen, one analyst said.
The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC) officially terminated its previously announced acquisition deal with Chevron Corp. (NYSE: CVX) on May 9, the same day that the California-based energy giant bowed out of a bidding war over the company. Houston-based Occidental Petroleum Corp. (NYSE: OXY) came out on top in that fight. The companies also announced May 9 that they have entered into a definitive merger agreement for Occidental to acquire Anadarko.
Anadarko's (APC) acceptance of Occidental's (OXY) bid has thrown down the gauntlet to Chevron (CVX) to come up with a better offer or walk away with a billion dollar in breakup fee.
“Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal.”
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Anadarko said Occidental's move to secure financing for the cash portion of its revised bid, which includes a $59 per share consideration and 0.2934 in Occidental common stock, makes it a "superior proposal" to Chevron's 75% stock and 25% cash deal that values the Houston-based oil group at around $50 billion, including debt, the company said. agreed a $10 billion investment in Occidental last week that gives the Warren Buffett-backed investment group preferred shares paying an 8% dividend.
TOTAL (TOT) enters into a $8.8B deal with Occidental to acquire Anadarko's African assets, in the event of a successful completion of Occidental's ongoing bid for Anadarko.
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Just a day earlier, Occidental had sweetened its proposed offer to acquire Anadarko. Now, Chevron has until the end of the week to do the same.
Occidental is prodding Anadarko's board to abandon its $33 billion merger agreement with Chevron. Occidental on Sunday increased the cash component of its $38 billion bid, removing a requirement to win the approval of Occidental shareholders.
White House economic adviser Larry Kudlow, in a tweet that put an awkward exclamation point on Friday’s stock-market rally, cheered “we’re killing it on the economy” and it’s “totally awesome.” In the first trading session since that tweet went viral, it certainly doesn’t feel totally awesome for traders who were anticipating good news on the trade front.
"The potential acquisition of Anadarko's stake in Mozambique LNG is representative of Total's ambitious and aggressive expansion of its LNG position," Wood Mackenzie research director Nicholas Browne said. Total acquired Engie SA's LNG business in 2018 and has stakes in several projects under construction or development, including Russia's Arctic LNG-2, Papua LNG, Nigeria's NLNG 7, Sempra Energy's Cameron in Louisiana and Costa Azul in Mexico, Tellurian Inc's Driftwood in Louisiana and an expansion project in Qatar, Wood Mackenzie said.
Occidental increased the cash portion of its bid to 78 percent from 50 percent on Sunday. It also pledged to cover the $1 billion breakup fee Anadarko would have to pay for abandoning an already-agreed to deal with Chevron Corp., and said Occidental shareholders won’t be required to vote on the takeover. “Clarity of closing was the lower-cost” option over raising the offer, Occidental Chief Executive Officer Vicki Hollub said on a conference call Monday.
Europe stocks join a global equity selloff triggered by fresh doubts over the U.S. and China getting a trade deal done.
The move means Occidental shareholders who oppose the bid, including T Rowe Price, will not get an opportunity to vote it down. It adds more certainty to the offer for Anadarko, but also risks the ire of billionaire investor Carl Icahn, who sources have said has been amassing a stake in Occidental to challenge its Anadarko offer. Occidental is trying to convince Anadarko to accept its offer and abandon the agreed $33 billion sale to Chevron Corp.
OXY also said it's reached an agreement to sell Anadarko's Algeria, Ghana, Mozambique and South Africa assets to Total S.A. Occidental amended the terms of its $76-a-share bid for Anadarko to $59 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock vs. a previous offer of $38 cash and 0.6094 shares of OXY stock. The move comes even though Chevron entered into a definitive agreement in April to buy for cash and stock to equal to $65 a share when that proposal was announced, although market moves have since lowered that bid's stock value a bit.