For Immediate Release
Chicago, IL – April 13, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Devon Energy Corporation (DVN), Apache Corporation (APC), Medtronic, Inc. (MDT), St. Jude Medical (STJ) and Boston Scientific Corp. (BSX).
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Here are highlights from Monday’s Analyst Blog:
Devon Sells GoM Assets to Apache
Devon Energy Corporation (DVN) plans to sell all of its oil and gas assets in the Gulf of Mexico (GoM) shelf assets to Apache Corporation (APC) for $1.05 billion (approximately $840 million after tax).
The agreement includes Devon’s 158 blocks (including 51 producing blocks) located offshore Texas, Louisiana and Alabama. Production from these assets was roughly 62 million cubic feet of natural gas and 9 thousand barrels of liquids per day in 2009. Devon’s proved reserves for the year consisted of 144 billion cubic feet of natural gas and 15 million barrels of liquids related to assets on sale.
Devon estimates the sale of the remaining Gulf of Mexico assets together with its previous $8.3 billion sale to exceed the upper end of its guidance range. The company had originally expected the sale proceeds from the repositioning to be roughly $4.5-$7.5 billion.
Completion of the transaction is subject to preferential rights to purchase held by the other working interest owners in the properties as well as customary closing conditions and regulatory approvals. Devon plans to provide updates to guidance for 2010 production, expenses and capital expenditures as the transactions are closed.
In November 2009, Devon announced plans to divest all of its Gulf of Mexico and international assets to reposition itself as a high-growth North American onshore company. The company expects to use the proceeds to accelerate the development of its North American assets, debt reduction and share repurchases. Upon completion of the repositioning, Devon will emerge with even more liquidity and with one of the strongest balance sheets in its peer group.
The company has now announced the sale of the majority of the divestiture assets. Devon expects the closings of all divestitures to be completed prior to year-end.
Medtronic Launches New Product
Medtronic, Inc. (MDT) recently launched a new product, a new Frontal Handpiece for its Hydrodebrider System. The Hydrodebrider System removes bacteria from the paranasal sinuses. It is a powered endoscopic irrigation system used for the treatment of chronic sinusitis.
Chronic sinusitis is an inflammation of the tissues in the paranasal sinuses. It is estimated that the disease affects nearly 30 million adults in the United States. Surgeons use sinus surgery to remove obstructions and diseased tissue in the paranasal sinuses. It has been demonstrated that the Hydrodebrider System reduces bacteria from the paranasal sinuses up to 99%.
The new product gives surgeons flexibility in the treatment of patients with chronic sinusitis by providing access to direct powered irrigation of the frontal sinuses. The Hydrodebrider System is manufactured by Medtronic’s Ear Nose and Throat (ENT) division. We believe that the new product will be widely accepted by surgeons as a result of its enhanced features. This will expand Medtronic’s total revenues in the ENT division which will in turn cater to the company’s overall top-line growth.
Medtronic is one of the world’s leading medical technology companies, specializing in implantable and interventional therapy devices and products. The company’s main competitors include St. Jude Medical (STJ) and Boston Scientific Corp. (BSX).
Medtronic’s management has a typical “ONE Medtronic” approach that encompasses the following goals: drive sustainable long-term growth of 9%−11% through innovation, focus on operating margins − increase by 300 to 400 basis points, EPS growth of 11%−14% and return a minimum of 40%−50% of free cash flow to shareholders annually, and align the organization for consistent execution. Medtronic’s results till date indicate that the company is well on track to achieve these goals.
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