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M&A transactions picked up in the 12-months ended mid-June relative to the 12-month period preceding it. Among all the transactions that occurred over this period, one pair jumped out involving a common buyer and for which valuation metrics were available. These related to Pioneers acquisition of Parsley Energy in October 2020 and DoublePoint Energy in April 2021. In this post, we take a deeper dive into each transaction.
Analyzing Pioneer Natural Resourcess Unusual Options Activity Analyzing Pioneer Natural Resourcess Unusual Options Activity The post Analyzing Pioneer Natural Resourcess Unusual Options Activity appeared first on Oil & Gas 360 .
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Summary List Placement According to data from Goldman Sachs, 2021 has been a record year for mergers and acquisitions activity. The investment bank says M&A volume has already
Summary List Placement According to data from Goldman Sachs, 2021 has been a record year for mergers and acquisitions (M&A) activity. The investment bank says M&A volume has already hit $1.9 trillion this year, marking a multi-decade high not seen since the dot-com era. The rise of special purpose acquisition companies (SPACs) in a market flush with liquidity has no doubt played a big part in the historic M&A spending figures. Goldman Sachs says 336 SPAC IPOs have raised $104 billion so far in 2021, adding to the $77 billion figure that blank-check firms raised in 2020. On top of that, the investment bank estimates there is still $118 billion of cash in 394 SPACs currently searching for an M&A target. Low interest rates, which have allowed for robust debt and equity issuance, have also pushed companies'' cash balances to record levels , meaning more M&A could be on the way. In a note to clients on Monday, Goldman analysts led by David J. Kostin predicted S&P 500 companies will spend $324 billion in cash M&A deals this year, a more-than 45% year-over-year increase.
Summary List Placement Volatile meme stocks and cryptocurrencies have captured headlines over the past year, but the stock market as a whole has remained relatively subdued. The CBOE Volatility Index (VIX), a popular measure of market volatility, has mostly traded under 20 since May. For comparison, the index hit a high of 37.21 in January and has seen a historical average of 22. Threats of inflation, geopolitical tensions, big-tech crackdowns, and more haven''t managed to move the needle in terms of volatility this year. At the same time, the S&P 500 has outperformed, returning some 16% year-to-date as the economic reopening helps equities continue their rise. In a recent note to clients, Goldman Sachs'' chief US equity strategist David J. Kostin wrote that this mix of strong returns and low volatility has pushed the S&P 500''s Sharpe ratio to 2.72. The Sharpe ratio was created in 1966 by Nobel laureate William F. Sharpe as a measure of the excess return investors receive in exchange for the volatility of holding riskier assets.
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Analysts have provided the following ratings for Pioneer Natural Resources (NYSE: PXD ) within the last quarter: Last 30 Days 1 Month Ago 2 Months Ago
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Summary List Placement Oil is trading above $70 but US shale producers aren''t reaping the rewards, as gun-shy investors favor debt reduction over flashy drilling projects, according to a new report from the Wall Street Journal . Oil prices and frackers'' free cash flow are both at multi-year highs, normally a sign that the industry needs to quickly ramp up investment in new projects. But compared to before the pandemic, US oil production is down two million barrels and active oil rigs are sitting at just half previous levels, according to Baker Hughes data cited by the Journal. Skittish investors burned before by shale drillers who had aggressively ridden past oil booms are behind the lower production levels, as they lobby producers to prioritize debt reduction. Producers are still raising tens of billions in debt this year, but largely to finance past debts. Some are even cutting capital expenditure to pay off debt, with some of the most heavily indebted seeing banks slash their credit lines.
Pioneer Natural Resources Company (Pioneer) (NYSE:PXD) today announced its second quarter 2021 earnings news release is scheduled to be issued after
Summary List Placement Oil prices above $70 have not lifted the fortunes of some US shale producers who have been stuck selling at pandemic-era oil prices, according to a report in the Financial Times . Nearly a third of US oil output is being sold at $55 a barrel, while some especially unlucky producers are selling below $50, the FT reports, citing IHS Markit data. The culprit is hedging contracts taken out during the depths of the pandemic, effectively locking in low oil prices for producers who had feared further price declines. In April 2020, as it became prohibitively expensive to store oil, West Texas Intermediate crude traded at sub-zero values for the first time ever, briefly bottoming out at -$37.63 per barrel. As a result, shale producers rushed to hedge against persistently low prices, leaning on swaps to bet against oil going up. But a brisk recovery and OPEC oil-supply cuts have pushed up crude prices, sinking US producers'' hedges, according to the FT. Some of the sharpest losses are hitting Pioneer Natural Resources, the largest producer in Texas''s Permian Basin region, which is committed to selling almost 200,000 barrels a day below $50 per barrel through 2021.
Canada''s main stock index opened higher on Wednesday, as heavyweight energy and mining stocks tracked stronger commodities, with investors awaiting minutes from the U.S. Federal Reserve''s latest meeting for clues on its policy stance. The TSX Composite index jumped 57.58 points to begin the day at 20,357.61. The Canadian dollar added 0.13 cents to 80.40 cents U.S. The San Rafael mine in northern Mexico operated by Americas Gold and Silver Corp will reopen following months of talks with the country''s main mining union, Mexicos economy ministry said on Tuesday. Americas shares gained six cents, or 3.3%, to $2.03. Teck Resources on Tuesday estimated third-quarter steel-making coal sales would be reduced by 300,000-500,000 tonnes due to a rail service disruption from the wildfires in British Columbia. Teck shares picked up 73 cents, or 2.6%, to $28.35. Scotiabank re-initiated coverage on Smartcentres REIT with a sector perform rating. Units of Smartcentres faded 21 cents to $29.92. Canaccord Genuity raised the rating on Xebec Adsorption to buy from hold.
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