Latest news with #Repsol
Reuters
17 hours ago
- Business
- Reuters
US court delays turnover of Argentina's 51% YPF stake
NEW YORK, July 14 (Reuters) - A U.S. judge on Monday temporarily halted enforcement of an order requiring Argentina to turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion court judgment. The decision by U.S. District Judge Loretta Preska in Manhattan affords temporary relief to for the cash-strapped South American country, which has warned its economy could be destabilized if it were forced to give up the YPF stake. A turnover had been scheduled for Monday, but Preska extended the deadline to July 17 to allow time to appeal. Argentine President Javier Milei has been seeking to bolster foreign currency reserves and rein in soaring inflation while dealing with a heavy government debt burden. The dispute arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol ( opens new tab without making a tender offer to minority shareholders Petersen Energia Inversora and Eton Park Capital Management. Those shareholders are represented by litigation funder Burford Capital (BURF.L), opens new tab, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. In September 2023, Preska ordered Argentina to pay $14.39 billion to Petersen and $1.71 billion to Eton Park. Argentina has not paid the judgment while it appeals. On June 30, Preska ordered the government to turn over the YPF stake within 14 days. The country has argued that the YPF shares were immune from turnover under the U.S. Foreign Sovereign Immunities Act, while Burford said a commercial activity exception and years of evasion by Argentina justified a turnover. In a court filing on Thursday seeking to delay the turnover, Argentina told the appeals court "the stakes could not be higher." It warned that requiring a turnover would irreparably harm its sovereignty, interfere with foreign relations, violate international law and wrongly expand U.S. courts' power. Argentina likened a turnover to a foreign court ordering the U.S. government to ship gold reserves stored at Fort Knox outside the country because that court misinterpreted U.S. law. The country also said it would be unfair to give up its controlling stake in the country's largest energy company now, because doing so would likely be irrevocable even it ultimately won the case. (This story has been corrected to remove reference to 'appeals' court in the headline)
Business Insider
4 days ago
- Business
- Business Insider
Kepler Capital Sticks to Its Hold Rating for Repsol (0NQG)
In a report released on July 9, Pablo Cuadrado from Kepler Capital maintained a Hold rating on Repsol, with a price target of €12.50. The company's shares closed last Wednesday at €12.81. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Cuadrado covers the Industrials sector, focusing on stocks such as Construcciones y Auxiliar de Ferrocarriles, Bureau Veritas, and SGS SA. According to TipRanks, Cuadrado has an average return of 6.4% and a 55.36% success rate on recommended stocks. The word on The Street in general, suggests a Hold analyst consensus rating for Repsol with a €12.54 average price target, a -2.12% downside from current levels. In a report released on July 9, Berenberg Bank also maintained a Hold rating on the stock with a €12.00 price target. The company has a one-year high of €13.87 and a one-year low of €9.41. Currently, Repsol has an average volume of 975.5K. Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of 0NQG in relation to earlier this year.
Yahoo
4 days ago
- Business
- Yahoo
Argentina files emergency appeal in US to put YPF stake turnover on hold
By Jonathan Stempel and Eliana Raszewski BUENOS AIRES/NEW YORK (Reuters) -Argentina on Thursday filed an emergency appeal of a U.S. judge's order that it turn over its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion court judgment. Saying "the stakes could not be higher," Argentina told the 2nd U.S. Circuit Court of Appeals in Manhattan that requiring a turnover by Monday would irreparably harm its sovereignty, destabilize its economy and cause the irrevocable loss of a controlling stake in the country's largest energy company. Argentine President Javier Milei has been seeking to bolster foreign currency reserves and rein in soaring inflation, while navigating a heavy debt burden. The country asked that the YPF turnover be put on hold while it appeals. The case centers on Argentina's 2012 seizure of the 51% YPF stake from Spain's Repsol without making a tender offer to minority shareholders Petersen Energia Inversora and Eton Park Capital Management. In September 2023, U.S. District Judge Loretta Preska in Manhattan ordered Argentina to pay $14.39 billion to Petersen and $1.71 billion to Eton Park. Argentina hasn't, and has been appealing that decision. On June 30, Preska ordered Argentina to turn over the YPF stake within 14 days. The plaintiffs are represented by litigation funder Burford Capital, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. In Thursday's appeal, Argentina also said a YPF turnover would violate international law and comity, and mark a "sea change" in how U.S. courts interact with the rest of the world. "To flip the script, this order is akin to a foreign trial court directing the U.S. government to pack up the gold stored at Fort Knox and ship it abroad based on that court's erroneous interpretation of U.S. law," Argentina said. Argentina asked the appeals court to decide its motion by 10 a.m. EDT on Monday, so it could appeal to the U.S. Supreme Court if necessary. On Thursday evening, Preska said she will decide by Monday whether to put the turnover on hold, and give both sides another three days to appeal. A spokesman for Argentina declined to comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
6 days ago
- Business
- Business Insider
Barclays Reaffirms Their Buy Rating on Repsol (0NQG)
In a report released today, Lydia Rainforth from Barclays maintained a Buy rating on Repsol, with a price target of €15.00. The company's shares closed yesterday at €12.72. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Rainforth is a 4-star analyst with an average return of 5.1% and a 54.85% success rate. Rainforth covers the Energy sector, focusing on stocks such as Repsol, Equinor ASA, and ENI S.p.A.. Repsol has an analyst consensus of Hold, with a price target consensus of €12.55. Based on Repsol's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of €14.41 billion and a net profit of €366 million. In comparison, last year the company earned a revenue of €15.19 billion and had a net profit of €969 million Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of 0NQG in relation to earlier this year.
Yahoo
03-07-2025
- Business
- Yahoo
Burford Capital (BUR) Falls 7.8% as Traders Take Profits
Burford Capital Limited (NYSE:BUR) is one of . Burford Capital dropped its share prices by 7.85 percent on Tuesday to close at $13.14 apiece as investors resorted to profit-taking following a 22-percent surge in the previous day, thanks to a US court ruling in relation to its litigation case against Argentina. In the Court order, US District Judge Loretta Preska told Argentina to transfer its YPF shares to BNY Mellon within 14 days and within one business day to the plaintiffs. Argentinian President Javier Milei, however, vowed to appeal to 'defend national interests.' The case stemmed from Argentina's 2012 seizure of the 51-percent stake in YPF held by Spain-based Repsol without tendering for shares held by minority investors Petersen Energia Inversora and Eton Park Capital Management. An accountant meticulously going over documents in her office, exemplifying the company's commitment to accuracy and detail. The plaintiffs were represented by litigation funder Burford Capital Limited (NYSE:BUR), which had expected to receive 35 percent and 73 percent of Petersen and Eton Park's respective damages. While we acknowledge the potential of BUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
