Jefferies Raises Price Target on EOG Resources (EOG) Following Announced Merger
- Wall Street flat as telecom gains fail to counter oil drop
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Jefferies reiterated a Hold rating on EOG Resources (NYSE: EOG), and raised the price target to $88.00 (from $84.00), following the company's announced all-share ‘merger’ with legacy private Permian producer Yates Petroleum. With this merger, EOG will add 29.6 Mboe/d to overall production and 44 MMBoe of proved developed reserves. The deal is expected to close in early October.
Analyst Jonathan Wolff, "EOG announced an all-share ‘merger’ with legacy private Permian producer Yates Petroleum (a deal long sought after by the industry). The deal should greatly mitigate inventory concerns by nearly doubling EOG’s Delaware presence. We think EOG prevailed due to its superior development track record and its related ability to use shares as currency. We are increasing our price target to $88 from $84 previously, which leaves the stock still looking ‘full’."
Shares of EOG Resources closed at $94.83 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Benchmark Remains Bullish as Marcus Corporation (MCS) Announces Wehrenberg Theaters Acquisition
- Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesJefferies & Co, 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!