div > div.group > p:first-child"> The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. Occidental Petroleum also reportedly is interested in the oil and gas exploration company.
"Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not," Tatro said on CNBC's"Trading Nation" on Friday."You've got to look at a name like this that is trading 14 to 15 times forward earnings. … Obviously they're spending $30 billion to try to grow that profit, so we like the acquisition."
"We need to do a lot more work really into the fundamentals to see how this will be accretive to the bottom line," said Tatro."Basically it expands their shale play, their deep-water drilling, so it's hard to do but ultimately I think this is a day where you've got to hold your nose and you go in and you add to your Chevron position."
Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energy group as a whole.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Recession and bear market fears could return very, very quickly,' market watcher Jim Paulsen warnsLeuthold Group's Jim Paulsen is tempering his bull case due to uncertainties gripping the market. keep talking us into a recession !!!! is he short all stocks?
Source: CNBC - 🏆 12. / 72 Read more »
Exclusive: Toyota sees new business opportunity in leveraging hybrid techThe head of Toyota Motor Corp's electric vehicle (EV) business told Reuters...
Source: Reuters - 🏆 2. / 97 Read more »
Major Wall Street firm worries about surprise Fed rate hike, says biggest market gains are overseasThe best investment opportunities may be thousands of miles away. A trade agreement will not make the consumers of the two countries any richer . Tariffs are taxes on consumer goods and services . It will make the crony businessmen of the government bureaucrats that will be granted government protected monopolies a lot richer . fed already came out and said they arent doing anything until after 2020 elections. buy everything They should stop worrying.
Source: CNBC - 🏆 12. / 72 Read more »
Art Cashin: If trade war starts to look semipermanent, stocks will 'definitely sell off'Concerns about trade are weighing on the stock market — and it could get worse, says veteran trader Art Cashin. Art Cashin. The name😜, The Institution 🎯 respect Really..... kevinolearytv Who is funding this A.I Fast Food is not smooth but dumb, Mr Wonderful. DUE banks have cash to burn? FoxNews fox5dc washingtonpost wusa9 wjz ABC7News nbcwashington nbcsnl indystar_ USATODAY
Source: CNBC - 🏆 12. / 72 Read more »