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The Zacks Analyst Blog Highlights: Chesapeake Energy, Encana Corporation, Patterson-UTI Energy, Helmerich & Payne and Hallibu...

Date : 11/14/2012 @ 7:01PM
Source : PR Newswire (US)

The Zacks Analyst Blog Highlights: Chesapeake Energy, Encana Corporation, Patterson-UTI Energy, Helmerich & Payne and Hallibu...

The Zacks Analyst Blog Highlights: Chesapeake Energy, Encana Corporation, Patterson-UTI Energy, Helmerich & Payne and Halliburton Company

CHICAGO, Nov. 14, 2012 /PRNewswire/ -- 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 Terex Corporation (TEX), Goldman Sachs Group Inc (GS), The Royal Bank of Scotland Group plc (RBS), UBS AG (UBS) and Caterpillar Inc (CAT).

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Today, Zacks is promoting its ''Buy'' stock recommendations. Four daily picks are offered free.

Here are highlights from Wednesday's Analyst Blog:

Terex Prices $850M Senior Notes

In a bid to finance senior subordinated notes due 2017, Terex Corporation (TEX) has  priced $850 million senior notes in a new offering (excluding underwriting discounts and commissions or other offering expenses). The notes are priced at an issue price of 100% and carries a coupon rate of 6%.

Terex anticipates the offering to be completed by November 26, 2012, subject to certain customary conditions. Credit Suisse Securities (USA) LLC, Goldman, Sachs and Co. – a wing of The Goldman Sachs Group, Inc. (GS), RBS Securities Inc. – a unit of The Royal Bank of Scotland Group plc (RBS) and UBS Securities LLC – an entity of UBS AG (UBS) will be acting as the joint book-running managers for the offering.

Terex will use the net proceeds from the offering to finance the purchase of its outstanding senior subordinated notes bearing an interest of 8% due 2017. The amount left will be utilized in general corporate purposes.

Terex reported that its third-quarter 2012 adjusted earnings jumped 107% year over year to 62 cents per share. The results comfortably surpassed the Zacks Consensus Estimate of 50 cents. Total revenues increased 1% year over year to $1.822 billion, missing the Zacks Consensus Estimate of $1.952 billion.

Terex had cash and cash equivalents of $542.6 million as of September 30, 2012, versus $774.1 million as of December 31, 2011. The company's total debt was $2.03 billion of as of September 30, 2012, compared with $2.3 billion as of December 31, 2011.

The debt to capital ratio improved to 49.7% as of September 30, 2012, from 54.6% as of December 31, 2011. In the stringent regulatory background, the offering of the senior notes is expected to further strengthen the company's balance sheet as well as support its future growth.

Terex is a global equipment manufacturer catering to the construction, infrastructure, and surface mining industries. The company's manufacturing facilities are located in the U.S., Canada, Europe, Australia, Asia, and South America. It sells its products through a worldwide distribution network. The company has five reporting segments.  

Terex faces competition from large players with greater financial resources like Caterpillar Inc. (CAT). Terex retains a short-term Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on the stock.

Today, Zacks is promoting its ''Buy'' stock recommendations. Four daily picks are offered free.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

SOURCE Zacks Investment Research, Inc.

Copyright 2012 PR Newswire



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