|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||6.09 - 6.34|
|52 Week Range||3.70 - 11.50|
|Beta (3Y Monthly)||-14.62|
|PE Ratio (TTM)||2.39|
|Earnings Date||Aug 6, 2019|
|Forward Dividend & Yield||0.80 (12.72%)|
|1y Target Est||14.00|
HOUSTON, Sept. 11, 2019 -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that the Company will be attending the 2019 Johnson Rice Energy.
(Bloomberg) -- Oil wells jet out of the scrubby, dusty ground in West Texas’ Permian Basin as far as the eye can see. A gas station off Route 285 bustles with workers in boots and baseball caps. Residents fret about the crumbling road, which has been pummeled by trucks barreling in and out of the oilfields. There’s nothing to suggest the distress that’s mounting in the busiest U.S. oil and gas region.About 500 miles east, Houston is abuzz about another slump on the way. Restructuring expert Jay Haber, for one, has been fielding call after call from New York with banks, hedge funds and private equity sponsors having to decide whether to sink more money into souring wells or cut their losses.“People were far too quick to save basically broke companies in 2015 and 2016,” said Haber, a Houston-based adviser at turnaround shop Getzler Henrich & Associates LLC and 30-year veteran of the energy business. “Had oil gone to $80 or $90, things would be better.”Money managers who specialize in distressed assets followed time-tested turnaround strategies in the Permian Basin, but for many of them, it’s not working. Instead, oil and gas bankruptcies this year are coming at the fastest clip since 2016, according to data from the Haynes & Boone LLP law firm. “Chapter 22s,” or repeat filings by the same company, are also on the rise as capital markets have slammed shut for troubled energy companies.Energy investing is an inherently volatile exercise, with the fate of companies and investments largely determined by commodity markets and the global economy. When the price of crude dropped from 2014 to 2016 to the lowest in a decade, more than $130 billion of private capital was raised to bargain hunt for energy investments whose value would rise when oil rebounded, according to Preqin.For those still solvent, oil remains stuck around $55 a barrel -- too low for weak companies to make money. The outlook isn’t great either as the U.S. and China trade barbs over tariffs and predictions of a U.S. recession multiply.Outside MoneyLocal bankers and investors in Texas who have built careers in “the patch” say the stress stems not only from the flagging price of oil, but also from outside investors who didn’t understand the game.“We’d never heard of many of these people,” said Lance Gurley, a restructuring banker for Stephens Inc. in Dallas. “It was a wave of investors who had never touched the energy market before.”They were following their usual playbook: buy the debt of companies in financial distress and hold onto it through a bankruptcy, converting the stake to equity and seizing control. Or, for private equity investors, buy unwanted assets or companies, replace the management teams and look for a buyer.“For certain financially troubled producers wounded by the crash in 2015, some stakeholders may have given up hope that resurgent commodity prices will bail everyone out,” according to the Haynes & Boone oil and gas bankruptcy report for August. “For these producers, the game clock has run out of time to keep playing ‘kick the can’ with their creditors and other stakeholders.”Insular WorldFor Adam Flikerski, an important part of spotting winners is being immersed in Texas’ energy community. After starting his career in New York, he moved to Houston in 2006 to co-found Blackgold Capital Management LP, which specializes in energy investments and counts KKR & Co. as a shareholder.A deal he is working on now came about because his daughter goes to school with the chief executive’s daughter. While the number-crunching is important, investors sometimes just need to know “who has the good rock” that will yield the highest production at the lowest cost, he said. His firm manages about $1 billion of assets.Flikerski and other Texas-based professionals said the companies filing for bankruptcy this year never had great assets, or have capital structures that are unsustainable with oil in the $50 range.“Most firms with serious E&P efforts have a presence in Texas to cover local relationships,” Stephens’ Gurley said. “So if you’re not at the cafe store in Midland, if you’re not at the petroleum club in Houston, you may miss opportunities.”Investing in the Permian basin requires not only understanding how to value assets and read reserve reports, but also how to drill wells properly, Getzler’s Haber said. One client who sought his help had invested in a pool of loans to companies that were having problems, including having drilled wells too close together and producing less oil than expected -- “too many straws in the Coca-Cola,” as he put it. Successful investment firms often have a geologist and reserve engineer on staff.“There is a feeling that you can spreadsheet your way to success in your patch,” Haber said. “And I just don’t think you can.”Even managers with previous energy experience found themselves struggling with some investments. The energy sector of the S&P 600 small-cap index has fallen more than 55% over the past 12 months, and energy companies are among the worst-performing junk bonds this year.New York-based Fir Tree Capital Management LP, which also invested in several distressed energy companies, saw its energy fund lose half its value in 2018, Bloomberg News previously reported.Blackgold’s Flikerski and other investors said that Fir Tree used its position in certain companies to push for cost cuts and asset sales -- notwithstanding the overall performance.A spokesman for Fir Tree declined to comment.Chapter 22sOverly ambitious projections for prices and production pushed some recently restructured companies, like Halcon Resources Corp., back into bankruptcy this year. Among Halcon’s large investors were Luminus Management LLC and Oaktree Capital Management LP, according to court documents. Both have offices in Texas.Vanguard Natural Resources Inc. counted Marathon Asset Management LP and Monarch Alternative Capital LP among its term-loan holders when it filed for its second bankruptcy earlier this year, court documents showed.Weatherford International Plc also went bankrupt in July, while EP Energy Corp. and Alta Mesa Resources Inc. have warned of possible Chapter 11 filings.“The lesson investors learned is that E&P companies should operate with little or no debt,” Louis Hanover, chief investment officer at Marathon, said in an emailed statement.Representatives for Monarch, Luminus, Halcon and Vanguard didn’t respond to requests for comment. Oaktree declined to comment.Five years ago, Justin Stolte, a mergers and acquisitions partner at Gibson Dunn & Crutcher LLP in Houston, was helping PE sponsors fund as many management teams as the firm could. Now, he’s undoing much of that work, but exiting Permian investments has been difficult since buying interest has dried up.That has led to the rise of “smashcos,” in which a private equity firm will take two or more struggling companies and put them together, hoping to get the best combination of assets and management. The recent tie-up of Midstates Petroleum Co. and Amplify Energy Corp. is a frequently mentioned example.Representatives for Midstates and Amplify didn’t respond to a request for comment.Haber said pitching even traditional, inexpensive wells with proven natural gas reserves has become a tough sell.“They say it’s like catching a falling knife,” Haber said. “They want no part of energy.”(Updates return of S&P small cap index in the 17th paragraph. An earlier version corrected the spelling of the Haynes & Boone law firm)\--With assistance from Rachel Adams-Heard.To contact the reporter on this story: Allison McNeely in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we are going to look at Amplify Energy Corp. (NYSE:AMPY) to see whether it might be an attractive investment...
Thanks to the "combined company's strong balance sheet, ample liquidity and significant free cash flow," a quarterly dividend of 20 cents per share and a $25 million stock buyback program have been approved along with the merger closing, the CEO said.
HOUSTON, Aug. 06, 2019 -- Amplify Energy Corp. (“Amplify”) and Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates”) announced today that the previously announced.
HOUSTON, Aug. 05, 2019 -- Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the second quarter 2019..
Amplify Energy Corp. (AMPY) (“Amplify” or the “Company”) and Midstates Petroleum Company, Inc. (MPO) (“Midstates”) announced that the proposals necessary for the companies’ previously announced all-stock, merger-of equals transaction were approved today by Amplify’s stockholders at the Amplify special meeting and by Midstates’ stockholders at the Midstates annual meeting. Amplify stockholders will receive 0.933 shares of Midstates common stock for each share of Amplify common stock.
HOUSTON, July 29, 2019 -- Amplify Energy Corp. (“Amplify” or the “Company”) (OTCQX: AMPY) announced today that it will report second quarter 2019 financial and operating.
NEW YORK , June 27, 2019 /PRNewswire/ -- Amplify Energy Corporation (AMPY) Lifshitz & Miller announces investigation into possible breach of fiduciary duties in connection with the proposed sale of Amplify ...
Amplify’s net debt position as of March 31, 2019 was $239 million, pro forma for the release of the Beta trust cash, net debt would be reduced to $149 million, resulting in pro-forma Net Debt / LTM Adjusted EBITDA of 1.1x. Including the impact of the pending merger with Midstates, the pro-forma Net Debt for the consolidated company would be $207 million as of March 31, 2019 with Net Debt / LTM Adjusted EBITDA of 0.9x. The Company’s operations are focused in the Rockies, offshore California, East Texas / North Louisiana and South Texas. For more information, visit www.amplifyenergy.com. This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Amplify expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements.
Liberty Expedia Holdings, Inc. (LEXEA) ("Liberty") regarding its acquisition by Expedia Group, Inc. ("Expedia"). Under the terms of the proposed transaction, Liberty shareholders will receive shares of Expedia common stock per share of Liberty common stock they own. Click here for more information: https://www.monteverdelaw.com/case/liberty-expedia-holdings-inc. It is free and there is no cost or obligation to you. DNB Financial Corporation (DNBF) ("DNB or "Company") related to the sale of the Company to S&T Bancorp, Inc. ("S&T Bancorp"). Under the terms of the agreement, DNB shareholders will have the right to receive 1.22 shares of S&T Bancorp common stock for each share of DNB they own.
HOUSTON, May 22, 2019 -- Amplify Energy Corp. (“Amplify” or the “Company”) (OTCQX: AMPY) announced today that the Company will be participating in the 2019 Louisiana Energy.
NEW YORK, NY / ACCESSWIRE / May 9, 2019 / Amplify Energy Corp. (OTCQX: AMPY ) will be discussing their earnings results in their 2019 First Quarter Earnings to be held on May 9, 2019 at 11:00 AM Eastern ...
MILWAUKEE , May 6, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating the Board of Amplify Energy Corp. (OTCQX: AMPY) for possible breaches of fiduciary duty and other violations of the law in ...
Amplify Energy Corp. (AMPY) (“Amplify”) and Midstates Petroleum Company, Inc. (MPO) (“Midstates”) announced today that they have entered into a definitive merger agreement pursuant to which Amplify will merge with a subsidiary of Midstates in an all-stock merger-of-equals. Under the terms of the merger agreement, Amplify stockholders will receive 0.933 shares of newly issued Midstates common stock for each Amplify share of common stock. The merger is expected to close in the third quarter of 2019, at which time Amplify and Midstates stockholders will each own 50% of the outstanding shares of the combined company. The combined company will be headquartered in Houston and trade on the NYSE under the ticker AMPY.
HOUSTON, May 02, 2019 -- Amplify Energy Corp. (“Amplify” or the “Company”) (OTCQX: AMPY) announced today that it will report first quarter 2019 financial and operating results.
HOUSTON, March 06, 2019 -- Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the fourth quarter and full.
HOUSTON, Feb. 20, 2019 -- Amplify Energy Corp. (“Amplify” or the “Company”) (OTCQX: AMPY) announced today that it will report fourth quarter and full year 2018 financial and.
Amplify Energy Corp. (AMPY) (“Amplify” or the “Company”) announced today the final results of its tender offer to purchase for cash up to 2,916,667 shares of its common stock (the “shares”) at a price of $12.00 per share, which expired at 11:59 p.m., New York City time, on Tuesday, December 18, 2018. Amplify has accepted for purchase 2,916,667 shares of its common stock at a purchase price of $12.00 per share, for an aggregate purchase price of approximately $35.0 million, excluding fees and expenses relating to the offer. Based on the final tabulation by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, approximately 22.1 million shares of the common stock were properly tendered and neither withdrawn nor tendered conditionally by stockholders with conditions that were not met.
Amplify Energy Corp. (AMPY) (“Amplify” or the “Company”) announced today the preliminary results of its tender offer to purchase for cash up to 2,916,667 shares of its common stock (the “shares”) at a price of $12.00 per share, which expired at 11:59 p.m., New York City time, on Tuesday, December 18, 2018. Based on the preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, approximately 22.1 million shares of the common stock were properly tendered and not properly withdrawn, including less than 15,000 shares that were tendered through notice of guaranteed delivery. Accordingly, Amplify expects to accept for purchase a total of 2,916,667 shares of its common stock at a purchase price of $12.00 per share, for an aggregate purchase price of approximately $35.0 million, excluding fees and expenses relating to the offer.
Amplify Energy Corp. (AMPY) (“Amplify” or the “Company”) announced today that, as a result of the market closure on December 5, 2018, the Company is extending the expiration date of its previously announced tender offer to purchase for cash up to 2,916,667 shares of its common stock (the “shares”) at a purchase price of $12.00 per share. As amended, the tender offer, the proration period and withdrawal rights will now expire at 11:59 p.m., New York City time, on Tuesday, December 18, 2018, unless further extended or earlier terminated. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.
Amplify Energy Corp. (AMPY) (“Amplify” or the “Company”) announced today that it is commencing a tender offer to purchase for cash up to 2,916,667 shares of its common stock (the “shares”) at a purchase price of $12.00 per share. The number of shares proposed to be purchased in the tender offer represents approximately 12% of the Company’s currently outstanding common stock. The closing price of the Company’s common stock on November 16, 2018 was $10.00 per share.
HOUSTON, Nov. 07, 2018 -- Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter 2018 and.