KeyBanc Downgrades EPL Oil & Gas (EPL) to Hold

KeyBanc downgraded EPL Oil & Gas (NYSE: EPL) from Buy to Hold.

Analyst David Deckelbaum said, "We are downgrading EPL Oil & Gas, Inc. to HOLD from BUY based on valuation given the announced acquisition by Energy XXI in which EPL shareholders can elect either $39 in cash, 1.669 EXXI shares or $25.35 in cash plus 0.584 EXXI shares, which will ultimately be 65% cash and 35% EXXI shares for the deal term. $1 billion of cash plus 23.4 million EXXI shares valued the transaction at $2.3 billion, including assumption of $400 million of EPL debt."

For an analyst ratings summary and ratings history on EPL Oil & Gas click here. For more ratings news on EPL Oil & Gas click here.

Shares of EPL Oil & Gas closed at $29.11 yesterday.

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