Quicksilver Resources Inc.'s (KWK - Analyst Report) board announced that it will discontinue with the operation of the transaction committee as the company’s private takeover bid has been withdrawn. The bid was initiated by the family group, which owns 30% of the Quicksilver stock.
Quicksilver's board had formed this committee comprising independent directors to evaluate a potential transaction or other possibilities that might have been proposed by the family.
However, the family decided against carrying out the bid as it considered Quicksilver Resources' current capital structure and governance to be superior to other alternatives. Thus, the withdrawal of the family from the attempted bid rendered redundant the existence of the transaction committee. The board now hopes to work together in the best interest of the company, looking for growth and further development.
Quicksliver's strong financial position is reflected in its year-end results. Cash and cash equivalents of the company as of December 31, 2010 were $54.9 million versus $1.03 million as of December 31, 2009. Total debts at year end were $1.74 billion versus $2.3 billion at prior year end.
Quicksilver's earnings per share of 18 cents in the fourth quarter and 70 cents in fiscal 2010 beat the Zacks Consensus Estimates. The Zacks Consensus Estimates for first-quarter 2011, fiscal year 2011 and fiscal year 2012 are, respectively, 5 cents per share, 24 cents per share and 39 cents per share.
Quicksilver Resources currently retains a Zacks #3 Rank (short-term Hold rating) on the stock. The operating margin of the company was better than its peers Chesapeake Energy Corporation (CHK - Analyst Report) and Denbury Resources Inc. (DNR - Analyst Report) in the trailing twelve months.
Based in Fort Worth, Texas, independent exploration and production company Quicksilver Resources is primarily engaged in the development of long-lived, unconventional onshore natural gas reserves in the North American continent.
没有评论:
发表评论