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In News
  • Chesapeake Energy Corporation (NYSE:CHK)’s Core Assets Delivered Growth
  • Trinity Industries Inc. (NYSE:TRN) Successfully Completes $1.1 Billion Railcar Leasing Joint Venture Deal
  • Microsoft Corporation (NASDAQ:MSFT): A New Focus On Hardware
  • Amtech Systems Inc. (NASDAQ:ASYS)’s shares declines by 2.98%
  • Wells Fargo & Co. (NYSE:WFC)’s shares surged by 1.58%
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  • Transocean Ltd. (NYSE:RIG) Faces Icahn Fight
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Investment

ONGC to buy Kashgan Stake from ConocoPhillips

November 27, 2012 by Roy Barnes in Investment with 0 Comments

ConocoPhillips (NYSE:COP) is considering selling 8.4% of its stake in Kashgan (North Caspian Sea Production Sharing Agreement) to ONGC Videsh Ltd, a company based in India. The purchase price that includes anticipated working capital as well as ending adjustments for the Kashgan Stake is estimated to be about $5 billion.  The charge for the sale of the Kashgan stake in the fourth quarter is around $400 million. The deal is expected to be completed in the first half of the next year. ConocoPhillips is expected to sell about $8 billion to $10 billion of assets by the end of 2013.

The stock of ConocoPhillips (NYSE:COP) climbed to reach a high of $56.48 as compared to a price of $56.23 at the beginning of the trading session on November 26, 2012. The stock finally settled at $56.36 at the end of the trading day. The share price has gone up 0.49% from its twenty day moving average. The earnings have also gone up by 17.70%. However, the current quarter performance stayed at 1.14%.

The volume of shares that have been traded has decreased to 299847 when compared to the average trading capacity of 6.08 million shares. The volatility of the stock has remained constant at 1.37% while the shares outstanding of the company are about 1.21 billion that have been floated by the company and are currently outstanding. The institutional ownership is about 66.99%. There is insider trading present and this trading accounts for about 0.16% of the trading.

The stock is trading higher than its 52 week low by 17.59% but is trading lower than its 52 week high by 3.62%. The beta coefficient of the company (the risk associated with the company as compared to the market) is 1.13. The company is slightly riskier than the market.

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About Roy Barnes

Roy Barnes has worked as a New York Times journalist who reports internationally in video and print. His social and economical state coverage has won awards from the Overseas Press Club, Concentra, SAJA and was nominated for The Livingston Award. He covered the Asian Tsunami, investigated Hugo Chavez's land wars, reported on Russia’s anti-American youth movements. Before joining The GDP Watch, Financial Group Media and The NY Times, Barnes worked as a freelance print reporter, his career began as a Pulliam Fellow at the Indianapolis Star.

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