Berry Petroleum (BRY) Latest Target in Ultra Hot Energy Space; Who's Next?
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Price: $43.34 +2.34%
Rating Summary:
2 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
2 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade BRY Now!
LINN Energy, LLC (Nasdaq: LINE), LinnCo, LLC (Nasdaq: LNCO) and Berry Petroleum Company (NYSE: BRY) today signed of a definitive merger agreement where LINN and LinnCo will acquire all of Berry's outstanding shares for total consideration of $4.3 billion. This marks the third takeout in the just a few months and is another example of the hot M&A environment in the energy patch.
Commenting on the deal, analyst David Tameron of Wells Fargo speculated about potential competitive bidders, noting that the usual suspects Plains Exploration (NYSE: PXP) and Occidental Petroleum Corporation (NYSE: OXY) are probably reluctant to get involved at this point.
He thinks stocks in the space that could see action on the deal include Whiting Petroleum Corp. (NYSE: WLL), Kodiak Oil & Gas Corp. (NYSE: KOG), Approach Resources, Inc. (Nasaq: AREX), Oasis Petroleum Inc. (NYSE: OAS).
Other companies of interest include Concho Resources, Inc. (NYSE: CXO), Pioneer Natural Resources Co. (NYSE: PXD), Diamondback Energy, Inc. (Nasdaq: FANG), Rosetta Resources, Inc. (Nasdaq: ROSE), and Forest Oil Corporation (NYSE: FST).
"Finally, Range Resources Corporation (NYSE: RRC) and Cabot Oil & Gas Corporation (NYSE: COG) (although both natural gas weighted), always get a bid when M&A news hits," said Tameron.
Wells Fargo has an Outperform rating on Berry Petroleum price target of $64.00 to $68.00.
For an analyst ratings summary and ratings history on Berry Petroleum (NYSE: BRY) click here. For more ratings news on Berry Petroleum click here.
Shares of Berry Petroleum closed at $38.59 yesterday, with a 52 week range of $30.21-$57.26.
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Commenting on the deal, analyst David Tameron of Wells Fargo speculated about potential competitive bidders, noting that the usual suspects Plains Exploration (NYSE: PXP) and Occidental Petroleum Corporation (NYSE: OXY) are probably reluctant to get involved at this point.
He thinks stocks in the space that could see action on the deal include Whiting Petroleum Corp. (NYSE: WLL), Kodiak Oil & Gas Corp. (NYSE: KOG), Approach Resources, Inc. (Nasaq: AREX), Oasis Petroleum Inc. (NYSE: OAS).
Other companies of interest include Concho Resources, Inc. (NYSE: CXO), Pioneer Natural Resources Co. (NYSE: PXD), Diamondback Energy, Inc. (Nasdaq: FANG), Rosetta Resources, Inc. (Nasdaq: ROSE), and Forest Oil Corporation (NYSE: FST).
"Finally, Range Resources Corporation (NYSE: RRC) and Cabot Oil & Gas Corporation (NYSE: COG) (although both natural gas weighted), always get a bid when M&A news hits," said Tameron.
Wells Fargo has an Outperform rating on Berry Petroleum price target of $64.00 to $68.00.
For an analyst ratings summary and ratings history on Berry Petroleum (NYSE: BRY) click here. For more ratings news on Berry Petroleum click here.
Shares of Berry Petroleum closed at $38.59 yesterday, with a 52 week range of $30.21-$57.26.
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