World News – CA – Cenovus Energy to sign $ 18 billion contract with Husky

Canada Cenovus Energy announced on Sunday that it has reached a deal to capture Husky Energy in an all-equity deal valued at C $ 23 6 billion ($ 17 97 billion), including debt

Cenovus (CVE) said the deal will create Canada’s third-largest producer of oil and natural gas, with production of 750,000 barrels of oil equivalent per day (BOE / d) of oil and natural gas at low cost Under the terms of the agreement, Husky shareholders will receive 07845 of one Cenovus share plus 00651 of one Cenovus share purchase warrant in exchange for each Husky common share This represents a premium of 21%, excluding warrants, compared to Husky’s five-day volume-weighted average share price in October 23

The transaction involves a net transaction value for Husky of approximately C $ 3 billion, and an enterprise transaction value of approximately C $ 10 2 billion The combined company is expected to generate an additional $ 1 CAN2 billion in annual free cash flow, comprising C $ 600 million in annual business and operating synergies and C $ 600 million in annual capital allocation synergies

“We will be a leaner, stronger and more integrated company, exceptionally well suited to withstand today’s environment and be a strong Canadian energy leader for years to come,” said Alex Pourbaix, CEO from Cenovus « The diversified portfolio will allow us to generate stable cash flow throughout price cycles, while focusing capital on the most profitable assets and opportunities. The combined company will also have an efficient cost structure and sufficient liquidity « 

« All of this supports strong credit measures, accelerated deleveraging and improved ability to repay capital to shareholders, » Pourbaix added

The combined company will operate as Cenovus Energy and retain its headquarters in Calgary, Alta. The two companies said in a joint statement that the transaction has been unanimously approved by its boards of directors and should be closed in the first quarter of 2021 Following the closing of the transaction, Cenovus expects its board of directors to approve a quarterly dividend of CA $ 0175 per share

Shares of Cenovus, which owns oil and gas operations in Alberta and British Columbia, as well as refineries in Illinois and Texas, have been hit hard by the oil price crisis caused by the pandemic and have fallen 63% so far this year (See the Cenovus share analysis on TipRanks)

Goldman Sachs analyst Neil Mehta last month launched a stock hedge with a buy rating and a price target of $ 6 (upside potential of 62%) Mehta believes that the The company’s free cash flow generation will help drive down debt levels and strengthen its balance sheet

The rest of the street is cautiously bullish on the stock Analyst consensus for moderate buying splits into 5 buy, 4 take and 1 sell The $ 5 44 The average price target indicates upside potential of 47% per compared to current levels

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Which investment strategy has stood the test of time? Growth investing Wall Street pros say stocks with outsized growth prospects reflect some of the most compelling games This growth potential extends beyond the short term, with these names poised to deliver handsome returns through 2020 and beyond. That said, finding stocks that fall into this category can be difficult, to say the least One strategy, analysts say, is to step back and look at the big picture, focusing on them. names expected to see long-term growth in addition to their impressive year-to-date gains With that in mind, we used TipRanks’ database to identify three growth stocks that received praise from analysts. These three symbols have already achieved significant growth in 2020 and are poised to continue to climb higher Penn National Gaming (PENN) First, we have Penn National Gaming, which owns and operates gaming and racing facilities as well as of video game terminal operations across the US This name has already climbed 146% since the start of the year, but some Wall Street analysts believe there’s plenty of fuel left in the tank PENN recently reported third quarter results that blew up estimates For the quarter, the company expects margins to increase by over 900 basis points and Adjusted EBITDAR to increase 5% from a year over year, even though sales were down 10% year over year Weigh-in for JP Morgan, five-star analyst Joseph Greff told clients: “The rally in regional play seen in May / June continued into the third quarter, with better than expected revenues; we previously assumed a slower ramp once pent-up demand normalized and little / no opex drift in post-COVID efficiency gains That being said, Greff acknowledges that given the exceptional performance of the share price, some other analysts have « thrown in the towel with downgrades » However, he still sees « value and catalysts to come » The analyst commented: « There is a showdown in terms of investor sentiment – that we think we are healthy for the action and almost necessary for the action to continue to rise; In our opinion, traditional game equity investors aren’t completely intimidated and, in fact, we think there is a lot of investor skepticism about PENN’s ability to compete with DraftKings, Fanduel, Caesars Entertainment, MGM / GVC, et al, given the relative size of PENN’s balance sheet to fund early stage sports betting customer acquisition costs, but we believe that this risk, to the extent that it is significant, of competing is now diminished given ~ $ 950 Million Raised From Recent Capital Increase « On top of that, PENN recently launched Barstool Sports betting app in Pennsylvania Calling the anticipated launch « encouraging both in terms of volume and marketing spend », Greff says it demonstrates « the potential of its unique approach to capture sharing » Additionally, momentum is building for Barstool Sportsbook Additionally, Greff believes the current environment for sports betting and online gaming resembles the emergence of regional markets in the 1990s, when budget-deficit states turned to new sources of revenue like river games to help finance budget deficits Explaining this, the analyst said: “We believe states will look to USSB and iGaming in the same way and PENN will be one of the winners. We love the US Regional Land Gaming / Sports Betting / iGaming Landscape and seeing the benefits « So it’s no surprise that Greff stuck with the Bulls In addition to an overweight rating, he left a price target of $ 83 on the stock Investors could pocket a 32% gain if this target is met within the next twelve months (To watch Greff’s balance sheet, click here) What is the rest of the street saying? 9 buys, 3 bookings, and 1 sell have been issued in the past three months As a result, PENN gets a moderate buy consensus rating Based on $ 76 Average price target of 77, stocks could rise 22% the next year (See Penn National Gaming Stock Analysis on TipRanks) Redfin (RDFN) Starting in the map-based search space, Redfin has expanded its product offering to make the home visit, listing the processes of Faster, Easier Start and Escrow On Wall Street, some believe this name is experiencing more than just a surge in demand for COVID, with its 113% gain since the start of the year Although RDFN comes out of a strong pre-announcement in Q3, investors were somewhat disappointed with the results Jake Fuller, BTIG, points out that the shares were likely traded because « expectations were high and the scale revenue was modest at ~ 2% ”and that“ dynamic investors tend to reward volume-induced beats and RDFN has actually fallen behind expectations on this front ”It doesn’t help that RDFN isn’t a name of interest to many, suggesting investors may not have looked beyond income disclosure, according to Fuller However, he argues the street could be missing key pieces of the puzzle The five-star analyst said, “What could be overlooked here is that RDFN has increased commission rates with no obvious conversion impact, which expected to translate into significantly stronger gross profit outlook for RDFN“To that end, it increased its estimate of its 2021 gross profit by 47%. Looking at the details of the quarter, RDFN has seen strong demand, with real estate services revenue increasing 36% year-over-year. ‘other Site traffic and transactions also increased quarter over quarter However, it should be noted that the increase was driven by revenue per transaction. « This is important because it suggests that anticipated increases in commission rates are finally helping, « said Fuller » Based on our record, real estate services revenue has grown from 168% GTV in Q3 2019 and 178% in Q2 2020 to around 185% in Q3 2020 A four point beat on gross margin suggests high flow on this Although it is difficult to assess the sustainability of demand, price gains and a better margin profile should be sustainable, ”commented Fuller Consistent with his optimistic approach, Fuller sided with u side of the bulls, reiterating a buy note and a price target of $ 65 This target reflects his confidence in the RDFN’s ability to climb 45% higher next year (To watch Fuller’s record, click here) When it comes to the rest of the street, opinions are more varied With 6 buys, 5 takes, and 1 sell awarded in the past three months, the word on the street is that RDFN is a moderate buy At $ 50, the Average price target implies upside potential of 11% (See Redfin Market Analysis on TipRanks) Vertiv Holdings (VRT) As one of the world’s leading providers of hardware, software and services, Vertiv Holdings helps facilitate an interconnected market of digital systems where large amounts of much-needed data must be transmitted, analyzed, processed and stored Up 71% since the start of the year, more gains could be on the horizon, Wall Street says Even with the major appreciation of the court s share, Wolfe Research analyst Nigel Coe sees a favorable risk / reward profile “We think Vertiv is a rare breed that can appeal to a wide range of investors: a mid-cap growth company that can deliver attractive margin expansion at up-to-date valuation, led by a top-notch management team, ”he explained As for VRT’s growth path, its main end markets are data centers and telecommunications.These spaces are areas where Coe expects growth in 2020 and 2021, as well as secular favorable winds. long term resulting from increased data intensity and 5G upgrades Additionally, management charted a path toward 500 basis points of margin expansion, driven by efforts to keep fixed costs constant through a variety of operational upgrades and reduced organizational complexity. “This is the playbook deployed by Executive Chairman David Cote so successfully during his tenure at Honeywell, and it gives us confidence that a similar playbook can be deployed at Vertiv,” Coe said. VRT came out of Q2 2020 with net debt of around $ 2.1 billion, and net debt / EBITDA landing at 42x Even though this is at the high end of the range, Coe argues that the balance sheet could quickly deleverage To that end , he calculates a capital surplus of $ 1 billion by 2023, assuming a net debt to EBITDA ratio of 2x “We don’t currently see Vertiv as a clear story of capital deployment, but it could emerge in during the period 2022/23 – we could certainly see acquisitions which strengthen its power distribution capacity and possibly at DCIM level Other potential options include the settlement of warrants in cash (these are t currently reflected in our calculation of the diluted number of shares) and the institution of a dividend that would broaden the potential for institutional ownership We also cannot ignore the scope of strategic partnerships with many major players in the electrical equipment market who aren’t big data center players, ”Coe commented. Everything VRT has done convinced Coe to reiterate an outperformance rating Along with the call, he set a price target of $ 23, suggesting a upside potential of 22% (To see Coe’s balance sheet, click here) Do other analysts agree? They are Only Buy ratings, 4 to be exact, have been released in the last three months Therefore, the message is clear: VRT is a strong buy Given the $ 20 average price target of 75, stocks could jump by 10% next year (See Vertiv Holdings stock market analysis on TipRanks) Disclaimer: The opinions expressed in this article are solely those of the featured analysts The content is intended to be used for informational purposes only. very important to do your own analysis before making any investment

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The third quarter earnings report (AMD), which is expected to arrive on Tuesday after the closing bell, comes at an interesting time for the semiconductor industry The Wall Street Journal reported that (AMD) (ticker : AMD) was planning to aggressively expand operations with a potential acquisition of (XLNX) (XLNX) Meanwhile, its biggest rival (INTC) has struggled to keep producing the advanced manufacturing technology needed to manufacture high quality semiconductors

(Bloomberg) – Ant Group Co has priced its Shanghai IPO, paving the way for a successful sale that could give Chinese fintech giant a higher valuation than JPMorgan Chase & Co Jack Ma, speaking at a weekend conference, said Ant had determined the price of the IPO, although he did not disclose the amount. Chinese stock price details are expected by Tuesday, with the Hong Kong price due to be announced as early as October 29, people familiar with the matter said The financial giant’s stock sale of Ma is one of the most anticipated IPOs in years, set to make history by surpassing the record sale of Ma. $ 29 billion shares of Saudi Aramco in 2019 Large investors bid around 68 to 69 yuan per share for the Shanghai stock, Reuters reported That would value the Chinese side of the sale at $ 17.3 billion , nearly $ 35 billion for the double listing including the Hong Kong leg « It was the first time that such a list, the largest in human history, was offered outside of New York Ma said at the Bund summit in Shanghai on Saturday. « We wouldn’t have dared to think about it five or even three years ago. » Ant IPO Is Supposed To Attract Loyalty, T Rowe Price, UBS Asset Company Could Raise Additional $ 5 Billion After Exercising the so-called green shoe option to meet demand, people familiar with the matter said, adding that the numbers are subject to change That would give Ant a valuation of around $ 320 billion, which would make it bigger than JPMorgan and four times bigger than Goldman Sachs Group Inc The IPO is attracting interest from some of the world’s largest fund managers. and sparks a frenzy among individual investors in China clamoring for a share of the saleT Rowe Price Group Inc., UBS Asset Management and FMR LLC, the parent company of Fidelity Investments, are among the fund managers looking for a piece of the deal, said a person familiar with the matterEach of the companies plan to invest several billion dollars in Hong Kong-listed stocks, although they have yet to finalize their plans and there is no guarantee they will get an allocation, said. the personSingapore’s sovereign wealth fund GIC Pte, Temasek Holdings Pte and China’s $ 318 billion National Social Security Council are also fighting for a tranche of the IPO, sources familiar with the matter said earlier this month. this Ma’s Alibaba Group Holding Ltd will also buy new Ant shares to keep its stake at around 32% Leveraged lending Hong Kong stock brokers are so confident that Ant’s IPO will go smoothly that they propose to let mom-and-pop investors buy the stock with up to 20x leverage This is the highest ratio ever offered by brokerages including Bright Smart Securities & Commodities Group and UP Fintech Holding Ltd HSBC Holdings Plc has set aside more than HK $ 100 billion ($ 13 billion) in margin loans for retail investors to buy into the Hong Kong IPO, the Hong Kong reported. Economic Journal, citing the lenderWith this week’s price, investors will need to commit to the deal just days before a US presidential election that could have ramifications for both Ant’s overseas expansion plans and appetite. for investor risk Stocks will almost certainly not start trading until after the US vote on Nov 3The company will not issue more than 167 billion shares in China, or 55% of the total outstanding before the greenhoe option, according to its prospectus on the Shanghai Stock Exchange It will issue the same amount for its offer in Hong Kong Shanghai shares will be listed under the symbol « 688688 », according to the prospectus Ant is expected to start taking orders for the Hong Kong part on Monday, people familiar with the matter said Elderly Club Ant has chosen China International Capital Corp and CSC Financial Co for lead Shanghai stage of IPO CICC, Citigroup Inc, JPMorgan and Morgan Stanley lead Hong Kong bid At the weekend conference, Ma criticized global financial regulations for stifling innovation and a urged China to seek a system that enables development He compared the Basel Accords, which set bank capital requirements, to a club for the elderly »After the Asian financial crisis, controlling the risks highlighted in the Basel accords has been » the priority of regulators, Ma said. « They rarely consider opportunities for young people and developing countries » (Updates with Ma’s commentary on the Basel Accords at the end) For more articles like this please visit us at bloombergSubscribe now to stay ahead with the most trusted source of business news © 2020 Bloomberg LP

Each week, Trifecta Stocks identifies names that look bearish and may present attractive investment opportunities on the short side using technical analysis of the charts of those stocks and, where applicable, recent stocks and ratings from Quant Ratings from TheStreet, we focus on five names While we are not going to weigh in on fundamental analysis, we hope this article will give investors interested in falling stocks a good starting point to do more research on names.

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Retirement is probably not on most teens’ radars, but it should be Indeed, a relatively small investment today can turn into a much larger sum later, after decades of compounding. A good place to start is with a Roth IRA

Cenovus Energy, Stock