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Broker tips: Weir, Rexam, BowLeven

Thu, 24th Nov 2011 12:59

Peel Hunt has upgraded FTSE 100 industrial engineer Weir from hold to buy following yesterday's acquisition of Seaboard Holdings.Weir, which operates in the oil, gas, power and mineral markets, announced that it would pay $675m for US wellhead specialist Seaboard, a deal which Peel Hunt thinks looks "highly complementary" to products in Weir's oil and gas division. "Even though the valuation looks full, it comes with good growth and cross-selling potential", the broker said.The rating upgrade comes as the shares have de-rated, but as the broker values the company at a 20% premium to the sector average, the target price is reduced from 2,100p to 2,000p.Galvan Research has given packaging company Rexam a buy rating, saying that the FTSE 100 firm is a "canny investment".Galvan says that a combination of factors - including an upbeat 2012 outlook, a decent charting picture and the possibility that the underperforming Personal Care division could be divested - mark the shares out as a buy."The upside for Rexam should be the current position of the 200-day moving average at 360p," said Galvan's head of research Andrew Gibson.Evolution Securities has downgraded its rating on West Africa-focused oil and gas exploration group BowLeven from buy to neutral, saying that the latest results from Sapele-3 well "leaves more questions than answers".The firm announced on Thursday that the well, located off the coast of Cameroon, found 8m of net hydrocarbon pay of which 6m were located in reservoir sands with good porosity and permeability. However, Evolution notes that "only mud log analysis and gas chromatography were used to indicate that the sands are likely to be oil bearing."Analyst Richard Griffith says that this is "far from conclusive" and investors will not know the well's true potential until the appraisal programme in 2012. The broker cuts its target price from 190p to just 80p and downgrades but notes that this is more to do with timing issues rather than potential.BC

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15 Sep 2023 10:17

Trifast appoints former Essentra packaging chief Iain Percival as CEO

(Alliance News) - Trifast PLC on Friday said it has appointed former Essentra PLC packaging chief executive Iain Percival as its new chief executive officer.

29 Jun 2016 10:36

Rexam Says All Approvals For Takeover By Ball Now Secured (ALLISS)

28 Jun 2016 18:41

UPDATE 1-Ball wins conditional U.S. approval to buy Rexam

(Adds comment from Ball, background on the deal, divestiture) By Diane Bartz WASHINGTON, June 28 (Reuters) - Ball Corp and Rexam Plc, the world's two largest beverage can makers, have won U.S. antitrust approval to merge on condition that they sell eight aluminum can plants in the Uni

22 Jun 2016 11:05

DIRECTOR DEALINGS: Incoming Chemring Chairman Buys First Shares

21 Jun 2016 12:13

EU mergers and takeovers (June 21)

BRUSSELS, June 21 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Private equity firms the Carlyle Group and Crestview Advisors to jointly acquire U.S. sports and entertainment event

15 Jun 2016 15:13

UK Shareholder Meetings Calendar - Next 7 Days

10 Jun 2016 15:08

UK Shareholder Meetings Calendar - Next 7 Days

23 May 2016 11:15

EU mergers and takeovers (May 23)

BRUSSELS, May 23 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Investment fund Apollo Management to acquire Portuguese insurer Acoreana Seguros (approved May 20) NEW LISTINGS

20 May 2016 10:48

EU mergers and takeovers (May 20)

BRUSSELS, May 20 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- U.S. private equity firm Starwood Capital Group and Banco Sabadell to set up a joint venture to invest in hotels(appr

29 Apr 2016 16:18

UPDATE 1-Ardagh draws US$20bn crowd for junk bond sale

(Updates throughout) By Davide Scigliuzzo NEW YORK, April 29 (IFR) - Investors on both sides of the Atlantic clamored for Ardagh's US$4.5bn bond sale this week, hoping that the packaging company's latest acquisition will finally pave the way for an IPO. Ardagh received around US

29 Apr 2016 15:00

Dividends Calendar - Week Ahead

29 Apr 2016 14:04

Books on Ardagh high-yield bond reach US$20bn: sources

By Davide Scigliuzzo NEW YORK, April 29 (IFR) - Investors have piled US$20bn of orders into Ardagh's US$4.5bn dual-currency high-yield bond offering, two sources familiar with the situation told IFR on Friday. The packaging company is raising funds in euros and US dollars from a five-

26 Apr 2016 15:43

Tuesday newspaper share tips: Vodafone, Rexam

(ShareCast News) - Vodafone´s upcoming full-year figures should dispel investors´ doubts about the sustainability of its dividend policy and the high rating accorded to its shares, The Daily Telegraph´s Questor team said. Some observers fret that the shares current price-to-earnings multiple of 40 t

25 Apr 2016 08:07

Ball and Rexam to sell assets to Ireland's Ardagh Group

(ShareCast News) - Ball Corp. and Rexam agreed to divest assets to Ireland's Ardagh Group worth $3.42bn in a bid to clinch regulatory approval for their merger. The two companies, which unveiled their intention to merge and create the world's largest manufacturer of food and beverage cans on 19 Febr

25 Apr 2016 05:32

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