|Bid||0.00 x 900|
|Ask||0.00 x 3100|
|Day's Range||72.12 - 72.95|
|52 Week Range||6.00 - 22,450.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 28, 2019 - Nov 1, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||71.24|
Moody's Investors Service ("Moody's") has withdrawn all outstanding ratings of Anadarko Petroleum Corporation (Anadarko) and its guaranteed subsidiaries, including the Ba1 Corporate Family Rating and Ba1 senior unsecured ratings. This action follows Occidental Petroleum Corporation's (OXY, Baa3 stable) completion of its offer to exchange OXY senior notes for notes issued by Anadarko and its guaranteed subsidiaries. Around 96% of the aggregate principal amount of notes outstanding for Anadarko and its guaranteed subsidiaries were exchanged for new OXY notes.
The credit ratings of a substantial number of energy companies in the Americas are currently near the "crossover zone," or the boundary between investment grade and speculative grade, Moody's Investors Service says in a new report. Only seven, however, are in the zone, with potential "rising stars" including US-based exploration and production firm, Anadarko Petroleum and potential "fallen angels" including the Mexican national oil company, PEMEX.
Thanks to a seemingly endless supply of oil coming from the Permian Basin of Texas and other places, oil and gas prices, and often oil stocks, have struggled to gain traction. While the price of crude oil remains above $50 per barrel, natural gas prices have fallen below $2.50 per 1000 British thermal units (BTUs).The companies hurt the most are the exploration & production (E&P), or "upstream" firms, which depend most heavily on high oil prices. Since all they do is drill and sell raw product, revenues move up and down with market prices. However, low prices do not necessarily make life easy for the "midstream" companies who transport oil and gas or the "downstream" firms who must refine and sell. Hence, oil stocks in general have suffered as they continue to overproduce. * 7 Deeply Discounted Energy Stocks to Buy However, such conditions have created buying opportunities in many oil stocks. For those with an eye for bargains and the courage to speculate like an oil driller, some investors will set themselves up for a gusher of profits long-term. These stocks to buy could lead investors to such a windfall.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Brookfield Infrastructure Partners (BIP)Source: Shutterstock Brookfield Infrastructure (NYSE:BIP) has become one of the more diversified oil stocks, in this case, diversified by industry. It invests in what it calls the "backbone of today's global economy."The company's assets go well beyond pipelines. It also owns transport assets for utilities, energy, transportation, and data. They own assets spread across the globe, keeping them diversified by both industry and geography.In the past, the company had grown by acquisition. Now, it continues to churn assets to buy assets it believes will produce higher returns. It also wants to focus more on organic growth.At a forward price-to-earnings (PE) ratio of almost 28.7, it might appear expensive. However, this is also a company expected to generate an earnings growth rate of 159.3% this year. Admittedly, the emphasis on organic growth will slow that down in future years. However, that slower growth will bring cash flows, which should fuel the dividend higher.Aside from a years-long pattern of slow but steady price growth, the dividend also makes BIP stock a lucrative choice. Its annual payout of $2.01 per share yield around 4.28%. The company has also hiked this payout for nine consecutive years. With this generous dividend and the ever-increasing dependence on these pipeline transport, BIP should continue as a reliable source of stock price growth and cash flow. Cheniere Energy (LNG)Source: Shutterstock Arguably, no company defines technological change for oil stocks more than Cheniere (NYSEAMERICAN:LNG). Their growing network of export terminals turned natural gas exports from a hemispheric to a global industry.Many call the U.S. the "Saudi Arabia of natural gas." Thanks mostly to Cheniere, America's abundant natural gas supplies can now reach the world. Natural gas prices in the European Union had often reached levels three times higher than in the U.S. Now in Europe, natural gas trades for around $3.60 per 1000 BTUs. One year ago, that price had crossed the $9.50 per 1000 BTUs level. Access to natural gas from North America played a significant role in this decline. * 7 Tech Industry Dividend Stocks for Growth and Income Despite this improvement, LNG stock has struggled for years. Today, the forward PE ratio stands at about 19.6. This is due to falling profits for the year. However, next year, Wall Street expects a turnaround. Analysts forecast a 90.9% earnings increase for fiscal 2020. They also foresee profit growth averaging 29.3% per year over the next five years. As Cheniere helps to bring low-priced natural gas to the rest of the world, it should finally return LNG stock to a pattern of growth. Chevron Corporation (CVX)Source: Shutterstock In an environment of falling prices, large oil stocks such as Chevron (NYSE:CVX) tend to stand out. Chevron is one of the larger and more diversified oil stocks. While lower oil prices hurt the bottom line, they also operate midstream and downstream segments than can still deliver profits.For one, its 33-year string of annual dividend increases shows the company can produce returns in just about any price point for oil. The current payout of $4.76 per share provides a return of just over 4%. Moreover, the forward PE ratio of 14 remains well below the average multiple of 30 it maintained over the previous five years.Admittedly, if not for the dividend, CVX stock would make much fewer stocks to buy lists. It has seen no net price growth over the last five years. Also, losing its bid to buy Anadarko Petroleum (NYSE:APC) to Occidental Petroleum (NYSE:OXY) caused further frustration.Even though it operates in green-focused California, almost all of the world, California included, remains heavily dependent on fossil fuels. At some point, energy prices will turn around. When that happens, CVX stock will follow its peers higher. Chevron will serve those investors well who want to collect dividends now and reap stock price growth later. Encana (ECA)Source: Shutterstock Few oil stocks have suffered as much as Canadian driller Encana (NYSE:ECA). Encana traded near the $100 per share level as late as 2008. However, the financial crisis began a slide that even the 2013-2014 boom in oil prices could not stem. By 2015, it had fallen below $10 per share. With natural gas prices depressed, it now trades at around $4.50 per share.ECA stock has become risky. Profit growth will likely fall this year, and it will probably register modest growth. Moreover, due to the massive declines over the years, the market cap has fallen to $6 billion. That appears dangerous for a company that holds about $8.3 billion in long-term debt. * The 8 Worst Stocks to Buy Before the Trade Turmoil Cools Off However, the tide for ECA stock could finally turn soon. Despite industry conditions, Wall Street expects the company to deliver its third consecutive annual profit this year. Moreover, analysts forecast average growth of 37.7% per year over the next five years. Investors who purchase now will buy this growth at around 5.9 times forward earnings. As a burgeoning natural gas export industry helps to foster a recovery, it could easily take ECA stock with it. ExxonMobil Corporation (XOM)Source: Jonathan Weiss / Shutterstock.com Much like the aforementioned case for Chevron, ExxonMobil (NYSE:XOM) serves as one of the safer oil stocks in the current price environment. XOM operates in all segments of the oil and gas industry. As such, their diversification insulates the equity from wild oil price fluctuations. Although higher energy prices help, XOM stock tends to remain profitable even when it struggles to gain pricing power.No other metric reflects this underlying strength better than the dividend. The XOM payout has risen for 36 consecutive years, and in that time, oil prices have not fallen low enough to stop this payout. At $3.48 per share, stockholders receive a return of just over 5% from the payout alone.To be sure, the price of XOM stock has seen a steady decline. However, fundamentals may turn that around soon. It currently supports a forward PE ratio of just under 14.5. That multiple has averaged 21.9 over the last five years. Moreover, analysts expect the 29.9% profit decline this year to turn into a 38% increase next year. They also forecast average growth at or near double-digit levels in future years.At its current level, XOM stock will not make anyone rich. However, it looks well-positioned to both keep investors wealthy and provide a little cash flow. Liberty Oilfield Services (LBRT)Source: Shutterstock Liberty (NYSE:LBRT) provides hydraulic fracturing and other engineering services that enhance well production. It operates in some of the hottest fields including the Permian Basin, the Eagle Ford Shale, the Williston Basin, and several others.The company has existed since 2011. It is also one of the newer oil stocks, as it began trading in January 2018. LBRT debuted strong when it first opened at $17 per share. It briefly spiked as high as $23.51 per share later that year. Unfortunately, falling prices have weighed on the stock over the last year, and it now trades at around $10.75 per share.Wall Street expects profits to fall by 32.8% this year. The company has responded by slowing expansion and improving efficiency and utilization. * 10 Marijuana Stocks That Could See 100% Gains, If Not More Consequently, they also predict earnings will reverse course next year and increase by 10.6%. They also think it will lead to an average growth rate of 37% per year over the next five years. Right now, investors can buy this growth for about eight times forward earnings. Moreover, debt levels remain but manageable and modest compared with peers. Once the industry sees price recovery, LBRT stock should see a disproportionate benefit. Phillips 66 (PSX)Source: Shutterstock Phillips 66 (NYSE:PSX) operates as a midstream oil and gas company, who also operates in the chemicals, refining, and marketing industries. Like many oil stocks, it has fallen over the last year along with oil and gas prices.However, this has also left PSX stock trading at just under 9.5 times forward earnings. Moreover, Wall Street forecasts that profits will rebound in fiscal 2020, growing by 31.9%. This expansion should continue as the company adds both storage and pipeline capacity, especially in the Permian Basin, Oklahoma, and along the Texas Gulf Coast. New petrochemical facilities in both Texas and Qatar should also enhance that growth.Investors can also benefit from a stable dividend. The payout, now at $3.60 per share, yields 3.65%. Moreover, this payout has increased for seven years. Even the massive decline during the 2014-2016 oil price bust did not stop dividend increases. Hence, the price decreases the industry sees now should not stop payout increases.PSX stock may languish in the near term due to a lack of traction on oil and gas prices. However, as the industry recovers, Phillips 66 will continue to play a crucial and more significant role in bringing oil and gas to market.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Deeply Discounted Energy Stocks to Buy * 7 Stocks to Buy In a Flat Market * 10 Stocks to Buy to Ride China's Emerging Wealth The post 7 Well-Positioned Oil Stocks in Today's Trading Environment appeared first on InvestorPlace.
The rating on Cl. C was downgraded due to concerns of decline in future loan performance owing to tenant departures and increased vacancy in the Houston market. The rating on the interest only (IO) class Cl. X-CP was affirmed based on the credit quality of their referenced classes.
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day 19 years ago, the New York Stock Exchange began trading in decimal prices ...
Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company's finance chief said on Monday. Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an EnerCom energy conference audience, the resulting debt burden was "not too bad," and pledged Occidental would be selective in choosing assets to sell. "When the smoke clears, people will start to see what we've done," Burgher said to an overflow crowd.
The energy explorer’s stock is falling on Monday, following a downgrade from Evercore ISI, which argues that Occidental’s acquisition of Anadarko Petroleum destroyed value.
Shares of energy giant Occidental fall after an Evercore ISI analyst downgrades his outlook for the company in the wake of its acquisition of Anadarko.
Billionaire activist investor Carl Icahn appeared on CNBC on Thursday and discussed several important topics on Wall Street, including the Occidental Petroleum Corporation (NYSE: OXY ) buyout of Anadarko ...
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp , ending a short-lived contest that pitted two of the most storied names in the oil industry against one another. Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the world’s top oil producer at more than 12 million barrels per day. Anadarko's shareholders voted 99% in favour of the deal that gives them $72.34 per share based on Wednesday's closing price for Occidental.
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp , ending a short-lived contest that pitted two of the most storied names in the oil industry against one another. Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the world’s top oil producer at more than 12 million barrels per day.
Occidental Petroleum Corporation (“Occidental” or “the Company”) (OXY) today announced the successful completion of its acquisition of Anadarko Petroleum Corporation (“Anadarko”) (APC) in a transaction valued at $55 billion, including the assumption of Anadarko’s debt. “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Vicki Hollub, President and Chief Executive Officer.
Ormat Technologies (ORA) posts better-than-expected second-quarter 2019 results. Both earnings and revenues increase on a year-over-year basis.
Devon Energy (DVN) reports better-than-expected Q2 earnings. High efficiency in drilling and completion process allows it to lower planned capital expenditure for 2019.
(Bloomberg Opinion) -- So, energy investors, to recap:The U.S. just branded China a currency manipulator in the latest escalation of the trade/currency/who-will-run-things-in-the-21st-century war; Venezuela – where, like fellow OPEC member Iran, Washington thinks some regime modification is in order – just got some new sanctions; The SPDR S&P Oil & Gas Exploration & Production ETF closed at its lowest level since March 9, 2009 (the week the S&P 500 hit bottom after the financial crisis).(1)Interesting times. And at such times, oil investors would typically run for the relative safety of the majors, and one in particular: Exxon Mobil Corp. Except that it is also interesting times, or timing, for Exxon.Today’s apparent reprieve in the currency war, with the Chinese yuan nudging back below 7 to the dollar, is far from an armistice. The long list of U.S. grievances against China, from FX to fentanyl, along with President Donald Trump’s November 2020 timetable and President Xi Jinping’s lack of one, portend a drawn-out conflict. This is why Brent dipped briefly below $60 this morning, even though the U.S. has not one but two OPEC producers under tightening sanctions.Oil majors, with their bigger balance sheets and diversification, usually do better than their smaller brethren at such times. And lately they have.The latest earnings from Exxon and Chevron Corp., however, suggest the smaller of the two may offer a better refuge this time around.Exxon missed the consensus earnings estimate (after stripping out a tax-related gain in Canada). The real issues lay beneath that number, starting with the nominally defensive chemicals business. Profits here collapsed by almost 80% compared to the same quarter in 2018, to their lowest in years. Exxon characterized this as a temporary problem of excess capacity, albeit one that was likely to weigh on pricing for the next 12 months. What’s tricky about this is (a) excess supply is always also a function of demand, and (b) the trade war could have something to say about that.Exxon’s real engine, the upstream business, isn’t suffering to nearly the same degree but isn’t firing on all cylinders either. Absent that tax benefit, earnings were flat with the first quarter, despite higher crude oil prices. Lower output and falling gas prices were to blame, but so too is Exxon’s weaker position vis-à-vis Chevron in their increasingly important shale portfolios. The latter’s U.S. upstream business has earned more than $2 for every one Exxon has earned over the past four quarters. If oil prices remain weak (or even weaken further), Exxon looks more vulnerable in this regard.There is an element of luck at play here, and timing is against Exxon. When oil prices first collapsed toward the end of 2014, Chevron was in the doghouse because it was locked into heavy spending on some major liquefied natural gas projects. It is now over that hump – just as Exxon has moved into spending mode.The result is that, while Exxon had to borrow to cover its dividend in the second quarter, Chevron’s free cash flow covered its own payout twice over; and it’s resuming buybacks after its brief pursuit of Anadarko Petroleum Corp. (which also netted it a break fee and plaudits for walking away).Those payouts are critical in keeping an already skeptical investor base onside. But while Exxon now yields almost 5% on dividends versus Chevron’s 4%, the latter’s buybacks chip another 2% or so of yield. In terms of trailing free cash flow yield, there’s no contest.Dividend yield aside, on every measure from earnings to book value, Exxon continues to trade at a premium. As insurance against what promises to be an ever more interesting year or so, that’s tough to justify.(1) A note on this ETF, the XOP, to use its ticker. Though it is billed as focused on exploration and production, it actually has a hefty weighting of refining stocks, too – six out of its top 10 holdings, in fact. Which means the E&P sector’s performance is worse than even the XOP suggests. Look at the Russell 3000 Crude Producers sub-index, for example, and it is actually substantially below the level of early 2009. (Hat-tip to Kevin Kaiser, @kfkaiser17, for pointing this out).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.
The deal gives Occidental a chance to push forward development on assets that would otherwise probably languish for a while.