|Bid||0.00 x 1800|
|Ask||0.00 x 900|
|Day's range||7.72 - 8.33|
|52-week range||6.15 - 13.95|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||1.20|
|Earnings date||23 Feb 2020 - 27 Feb 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||12.02|
ConocoPhillips (COP) unveiled a 10-year plan that targets, among others, $50 billion in free cash flow. Meanwhile, HollyFrontier (HFC) raised its dividend by 6%.
Carrizo Oil & Gas, Inc. (CRZO) and Callon Petroleum Company (CPE) today made announcements regarding the record dates for their respective reconvened special meetings of shareholders to consider and vote on matters relating to the Agreement and Plan of Merger, as amended, by and between Callon and Carrizo. Callon and Carrizo also announced that they will file later today supplemental proxy materials reflecting the amended terms of the merger agreement with the U.S. Securities and Exchange Commission (the “SEC”). In addition, Callon announced that it will file an updated investor presentation later today, which will also be available on the Investor Relations section of Callon’s website at https://ir.callon.com/.
(Bloomberg Opinion) -- Here’s a company that really wants to get bought:As you can see, that wasn’t the case with Carrizo Oil & Gas Inc. up until quite recently. Back in early 2018, when it was trading at about $17 a share, the exploration and production company rejected activist Kimmeridge Energy Management Co.’s calls to either sell the whole company or a big slug of assets. It then capitalized on the summer’s upswing in oil prices — how long ago that seems — to sell a slug of new stock instead, at $23 apiece. By this summer, its confidence had waned and it agreed to an all-stock takeover by Callon Petroleum Co. valuing it at $13 and change — a deal so well-received that the one-day drop in Callon’s stock all but wiped out the 25% premium.Callon picked up an activist of its own a few months ago when Paulson & Co. said it was overpaying for Carrizo. So on Thursday, amended terms were announced. Carrizo has now agreed to an offer that gives it 42% of the combined company — versus 45% before — at a value of just $7.81 per share. That is barely a third of what investors paid for new stock in August 2018. It is, in fact, much lower than the price of every one of the 10 secondary stock sales Carrizo has carried out in the past 12 years, according to figures compiled by Bloomberg. Remarkably, the implied market value for Carrizo of $723 million is below the $850 million value the companies estimated back in July for the cost savings and efficiencies arising from the deal.This puts the “pit” in capitulation. Along with the revised share ratio, Callon’s executives will also forgo the special bonuses they would have received and which came under particular fire from Paulson. Callon also agreed to cap the authorized share count of the combined group.Carrizo’s past 18 months or so captures perfectly the broader shift in sentiment toward frackers. Kimmeridge’s original tilt at Carrizo was predicated on the notion that, like many of its peers, it lacked sufficient scale to operate efficiently and incentives for management needed an overhaul. The 2018 rally in oil prices let Carrizo shrug that off. The subsequent drop and associated derating of E&P stocks, as investors gave up on the oil option notionally embedded in them, forced a quick rethink on Carrizo’s part. But the lingering expectations that recovery just had to be around the corner, along with the ever-present skewed compensation practices embedded in Callon’s offer, were also behind the times.As of now, it’s unclear if Paulson backs the revised deal terms, though the pointed lack of any statement to that effect in Thursday’s announcement suggests it isn’t nailed down. Meanwhile, the shareholder vote has been pushed back a month. Consolidation in shale-land has been needed for a while, but management teams have resisted. The Carrizo-Callon saga shows it will ultimately happen anyway, just from a position of weakness rather than strength.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Carrizo (CRZO) delivered earnings and revenue surprises of 2.99% and -1.79%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Carrizo Oil & Gas, Inc. today announced the Company’s financial results for the third quarter of 2019 and provided an operational update. Highlights include:
Carrizo (CRZO) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Carrizo Oil & Gas, Inc. (CRZO) today provided an update on the Company’s operations for the third quarter. Production volumes during the third quarter of 2019 are currently expected to be 69,500-69,600 Boe/d, an increase of approximately 6% from the second quarter. Crude oil production is expected to account for approximately 66% of the Company’s production during the quarter, while natural gas and NGLs are expected to account for approximately 18% and 16%, respectively.
Callon Petroleum (CPE) expects the Carrizo acquisition plan to create large scale development opportunities, and accelerate operational and capital efficiencies.
The shakeup within Saudi Arabia’s oil and gas industry has added to bullish sentiment over the past week, but the surprise firing of John Bolton may soon change that
Carrizo (CRZO) delivered earnings and revenue surprises of 2.90% and 0.46%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
Carrizo (CRZO) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Latin America-focused oil exploration company Amerisur Resources on Monday snubbed bid overtures from French rival Maurel & Prom, saying Maurel's possible 210 million pounds sterling ($263 million) offer undervalued it. Maurel & Prom said on Monday that its possible offer was priced at 17 pence per share for Amerisur, whose shares closed at 16.52 pence on Friday.
In view of Callon Petroleum's (CPE) already weak financials, the company's decision to pay a premium with shares to assume Carrizo's debt load and scattered assets gets tepid response from investors.