UBS Raises price Target as Devon Energy (DVN) Announces Midland Sales

Wall Street rebounds, snaps five-day losing streak

June 16, 2016 7:36 AM EDT

By Lewis Krauskopf

(Reuters) - Wall Street closed higher on Thursday as investors digested the implications of a British lawmaker's death on the country's impending referendum on whether to leave the European Union.

The benchmark S&P 500 index snapped a five-day losing streak, after erasing sharp losses earlier in the session.

A British Member of Parliament was shot dead in the street in northern England, causing the temporary suspension of campaigning for next week's referendum on EU membership. The lawmaker, Jo Cox, had been a vocal supporter of Britain remaining in the European Union.

The... More

After-Hours Stock Movers 06/15: (QLGC) (RLYP) (NUS) Higher; (EVHC) (BTX) (KFY) Lower (more...)

June 15, 2016 6:07 PM EDT

Today's After-Hours Movers

QLogic Corp. (Nasdaq: QLGC) 12.6% HIGHER; Cavium, Inc. (Nasdaq: CAVM) and QLogic Corp. (Nasdaq: QLGC) announced that they have entered into a definitive agreement for Cavium to acquire all of the outstanding QLogic common stock for approximately $15.50 per share, comprised of $11.00 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock (valued at approximately $4.50 based on the volume weighted average Cavium trading price for the three trading days beginning June 10,... More

Pioneer Natural Resources (PXD) Announces Large Midland Basin Acquisition; Will Add Five Horizontal Rigs in H216

June 15, 2016 4:11 PM EDT

Pioneer Natural Resources Company (NYSE: PXD) announced that it has signed a purchase and sale agreement with Devon Energy Corporation (NYSE: DVN) to acquire approximately 28,000 net acres in the Midland Basin for $435 million, subject to normal closing adjustments. The acreage is located in Martin, Midland, Upton, Reagan, Glasscock, Andrews, Dawson, Gaines and Howard counties. Current net production is approximately 1,000 barrels of oil equivalent per day (BOEPD), with oil comprising approximately 70% of the production. Substantially all of the acreage is held by production.

Substantially all of the... More

Devon Energy (DVN) to Sell Remaining, non-Core Midland Basin Assets; Boosts FY16 Production Guidance

June 15, 2016 4:06 PM EDT

Devon Energy Corp. (NYSE: DVN) announced it has entered definitive agreements to sell its remaining non-core assets in the Midland Basin for $858 million. These transactions include the Companys upstream assets in the southern Midland Basin and its undeveloped leasehold in Martin County, Texas. This brings total announced non-core transactions to $2.1 billion.

We are pleased to announce these highly accretive non-core divestitures, concluding our E&P sales process ahead of schedule, said Dave Hager, president and CEO. We anticipate our total non-core asset sales to be at or above the top end of our $2... More