EOG Resources' (EOG) Price Target Raised to $108 at Deutsche Bank
- AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Deutsche Bank maintained a Buy rating on EOG Resources (NYSE: EOG) and raised its price target to $108.00 (from $105.00). Earlier EOG announced an agreement to combine with Yates. In the view of analyst Ryan Todd, the acquisition is "transformative" and comes at a "reasonable price."
"With the acquisition of private Permian operator Yates Petroleum, we see EOG as having addressed lingering concerns of inventory depth, and the materiality of its Permian position. The transaction dramatically improves the depth and scale of EOG’s position (acreage +78%, premium Permian inventory +97%), at a cost that is very attractive relative to recent basin transactions (~$8k/acre in the Delaware vs. ~$25k-$50k/acre in recent transactions). We view the transaction as a strong complement to EOG’s differentiated medium-term growth profile, improving both the capital efficiency and long-term visibility of EOG’s 10%-20%/yr growth outlook," said Todd.
Shares of EOG Resources closed at $88.91 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PayPal (PYPL) PT Raised to $45 at Oppenheimer
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
- SunTrust Raises Price Target on E*TRADE Financial (ETFC) to $31 Following Solid 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesDeutsche Bank, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!