UPDATE: Mizuho Securities Upgrades WPX Energy (WPX) to Buy
Mizuho Securities analyst Paul Sankey upgraded WPX Energy (NYSE: WPX) from Neutral to Buy, PT $6.00.
The analyst comments "Of the deals announced so far, we believe the DVN/WPX merger made the most sense for both sides. WPX is a quality company with strong management, and simply did not have sufficient scale for a competitive cash return program at this point in the cycle. DVN was on an upward operational trajectory, but bore relatively high federal lands exposure risk. The combination creates a Permian-focused large-cap with a leading combination of 2021 free cash flow yield and balance sheet leverage. Upgrade WPX to Buy."
For an analyst ratings summary and ratings history on WPX Energy click here. For more ratings news on WPX Energy click here.
Shares of WPX Energy closed at $4.56 yesterday.