On Monday, in the course of current trade, Shares of Penn Virginia Corporation (NYSE:PVA), dropped -3.18%, and is now trading at $ 4.56.
Penn Virginia Corporation’s stock coverage was initiated by analysts at Oppenheimer with a “perform” rating.
“We believe the company has a desirable asset base in the Eagle Ford Shale and continues to make progress delineating the acreage, improving operations, and cutting costs,” analysts said.
However, the oil and gas company will have to sell assets or equity given the company’s considerable debt burden, they noted.
Additionally, analysts expect the cash flow deficit to widen to $195 million next year from $166 million this year.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States. The company’ operations comprise the drilling of unconventional horizontal development wells in the Eagle Ford Shale in South Texas.
During an Afternoon trade, Shares of Western Gas Equity Partners LP (NYSE:WGP), dipped - 0.62%, and is now trading at $ 59.64.
Western Gas Equity Partners, declared the pricing of its registered underwritten public offering (the TEU offering) of 8,000,000 7.50- percent tangible equity units (TEUs), with a stated amount per TEU of $50, resulting in net proceeds to Anadarko of about $387.1 million, and the pricing of the concurrent registered public offering of 2,000,000 common units representing limited partner interests in Western Gas Equity Partners, LP (WGP), which were offered to the public at $58.20 per common unit. WGP is a partner of Anadarko formed to own partnership interests in Western Gas Partners, LP (WES), a separate partner of Anadarko formed to acquire, own, develop and operate midstream energy assets. Each offering is predictable to close on June 10, 2015, subject to customary closing conditions, and neither closing is contingent on the other.
Each TEU is comprised of a prepaid equity purchase contract and a senior amortizing note. Unless earlier settled, each prepaid equity purchase contract will automatically settle on June 7, 2018 for between 0.7159 and 0.8591 WGP common units, subject to adjustments and subject to Anadarko’s right to elect to deliver shares of its own common stock in lieu of such WGP common units. The number of WGP common units, or shares of Anadarko’s common stock, as the case may be, to be delivered by Anadarko will be based on the average of the daily volume-weighted average prices of WGP common units for the 20 successive trading days starting on, and counting, the 23rd planned trading day right away preceding June 7, 2018. Each amortizing note will pay equal quarterly installments of $0.9375, which in the aggregate will be equivalent to a 7.50-percent cash payment per year with respect to each $50 stated amount of TEUs. Such quarterly installment payments will constitute a payment of interest and a partial repayment of principal. The amortizing notes have a final installment payment date of June 7, 2018 and will be unsecured senior obligations of Anadarko. The WGP common units that may be delivered to settle the equity purchase contracts and that are being offered in the WGP secondary offering are owned, directly or indirectly, by a wholly owned partner of Anadarko, and WGP is not issuing securities in either offering.
Western Gas Equity Partners, LP engages in gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids, and crude oil in the United States.
Finally, NRG Energy Inc (NYSE:NRG), lost -1.44 % Monday, hitting its highest level.
For the eighth successive year, employees of NRG Energy, collaborate to make a positive impact across the nation. In a week-long, community-based event, more than 1,500 employees volunteered with over 70 non-profits across the country.
Global Giving Week illustrates NRG’s desire to be more than an energy provider – NRG is on a mission to improve the quality of life recently and leave the world a better place for future generations. In 2014, NRG employees volunteered over 13,580 hours, served 150 non-profits and donated in excess of $5.5 million dollars.
NRG Energy, together with its auxiliaries, operates as a power company. The company provides electricity; system power, distributed generation, solar and wind products, backup generation, storage and distributed solar, demand response, energy efficiency, and on-site energy solutions; carbon administration and specialty services; and various energy services, such as operations, maintenance, technical, development, and asset administration services. It owns and operates about 52,000 MWs of generation.
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