Texas Capital將Sitio Royalties評級由買入降至持有,因其被Viper Energy收購
Texas Capital近日將Sitio Royalties Corp(紐約證券交易所代號:STR)的投資評級,由「買入」下調至「持有」,原因是該公司已同意被Viper Energy(納斯達克代號:VNOM)以全股票交易方式收購,交易對價每股為19.41美元。
分析師認為,在這宗估值約41億美元的收購交易公布後,Sitio Royalties的股價已無明顯上升空間,因此作出評級調整。Texas Capital亦將Sitio的目標價由29美元下調至20美元,與合併條款相符。
分析師指出:「我們對這宗交易持正面態度」,認為雙方在策略上高度契合,合併後規模擴大,負債水平低,且基本股息的盈虧平衡點低於每桶20美元WTI油價,具有吸引力。
他們強調:「這次合併將打造一間不可或缺的礦業公司。」
Texas Capital預計,該交易不太可能出現其他競爭性收購,原因是市場上缺乏具足夠資金實力的同業公開公司。
Viper Energy表示,完成交易後將成為美國最大的公開礦權及權益公司,擁有在Permian盆地及其他重要油氣盆地的資產布局。
這宗交易預計於2025年下半年完成,但仍需經股東及監管機構批准。
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編輯評論:
這次Sitio Royalties被Viper Energy收購的消息,反映出美國礦權及權益市場正趨於集中化。兩家公司結合後,形成一個更具規模和資金實力的企業,能夠更有效管理資產及風險,並在油價波動中保持穩健的現金流。
Texas Capital的評級調整,說明市場對於Sitio未來獨立成長的期待降低,但對合併後的整體價值仍持正面看法。這種策略性合併往往有助於提升運營效率及市場競爭力,尤其在能源行業面對轉型壓力和資本需求增加的背景下。
對於投資者而言,短期內股價可能因交易定價而受限,但長遠來看,合併後的企業若能善用規模效應及資本優勢,或將帶來更穩定的股息和潛在增值空間。
此外,Texas Capital提到市場缺乏強有力的競爭者,也反映出礦權行業門檻較高,資本及技術要求嚴格,導致市場集中度提高。對香港及亞洲投資者來說,這類美國礦權公司提供了一種相對穩健的能源相關投資機會,值得密切留意其後續發展及監管動態。
以上文章由特價GPT API KEY所翻譯及撰寫。


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