PDC Energy, Inc. (PDCE)

Chevron announced Monday PDC Energy shareholders approved its purchase of the company, bolstering its U.S. oil and gas operations.

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today that its acquisition of PDC Energy, Inc. (NASDAQ: PDCE) has been completed following approval by PDC Energy shareholders. “We're pleased to welcome PDC Energy into Chevron,” said Bruce Niemeyer, Chevron's president for Americas Exploration & Production. “Our companies have similar cultures, with a focus on safe and reliable operations, teaming to deliver results, and benefiting the communities where we opera.

NEW YORK , Aug. 1, 2023 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400: Penske Automotive Group Inc. (NYSE: PAG) will replace Univar Solutions Inc. (NYSE: UNVR) in the S&P MidCap 400 effective prior to the opening of trading on Friday, August 4. Apollo Global Management Inc. (NYSE: APO) acquired Univar Solutions in a deal that closed today.

Having grown steadily under the leadership of Mike Wirth, Chevron just extended its CEO's tenure. That's great news as Wirth has big plans for the next five years, including a big upcoming acquisition.

PDC Energy (PDCE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

U.S. oil and gas deals rebounded in the second quarter as private equity firms shed shale portfolio investments and publicly traded oil firms grabbed smaller rivals.

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of PDC Energy, Inc. (NasdaqGS: PDCE) to Chevron Corporation (NYSE: CVX). Under the terms of the proposed transaction, shareholders of PDC will receive 0.4638 shares of Chevron for each share of PDC that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, o.

Chevron is buying PDC Energy. The core reason for the purchase is to increase the energy giant's oil reserves.

Chevron Corporation (NYSE:CVX)'s planned acquisition of PDC Energy Inc is another example of the company effectively using its premium multiple to acquire companies, analysts at RBC Capital Market said as they upgraded the stock to ‘Outperform'. What's more, it is purchasing a company trading at a materially higher free cash flow (FCF) multiple, driving accretion across key metrics, the analysts wrote in a client note.

Chevron's acquisition of PDC Energy highlights the valuation differences that give Chevron a shopping advantage. The positive reaction of the market to the acquisition announcement may mark a coming change in market attitudes towards these acquisitions. The Chevron acquisition appears to be bolt-on but the two operations are large enough that the usual bolt-on synergies may not be that large.

Oil prices seem likely to rally later this year as demand outpaces supplies. That will enable Chevron to produce even more cash.

Chevron's latest acquisition is yet another demonstration of the financial discipline that has made the company the best-performing supermajor this century.

Chevron stock is down 9.6% in May as analysts revised their opinion on the U.S. energy giant after the news of the $6.3 billion deal for PDC Energy. The post Chevron Stock Upgraded To A Buy After $6 Billion PDC Energy Deal appeared first on Investor's Business Daily.

NEW YORK , May 22, 2023 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by PDC Energy, Inc. (NASDAQ: PDCE) and its board of directors concerning the proposed acquisition of the company by Chevron Corporation (NYSE: CVX). Stockholders will receive 0.4638 shares of Chevron common stock for each share of PDC Energy stock that they hold.

Oil and gas giant Chevron (NYSE: CVX ) — one of the world's supermajors — generated headlines Monday morning when it announced the acquisition of shale producer PDC Energy (NASDAQ: PDCE ), sending shares up over 8%. However, CVX stock wasn't so lucky, losing about 1% in the early afternoon hours.

PDC Energy shares (PDCE) are jumping after Chevron (CVX) announced an agreement to buy the energy exploration and production company for $6.3 billion.