The affiliates of
Apollo Global Management LLC
) have announced the expansion of their strategic partnership
with energy company, Double Eagle Energy Holdings to invest in
oil and gas properties.
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Based in Texas, Double Eagle primarily focuses on acquiring and
owning oil and gas assets across North America. It is now
established as one of the largest independent acquirer of lease
hold interests throughout Texas and Mid-Continent. In the last
few years, it has leased over one million acres.
On the other hand, Apollo Global operates as a leading global
alternative investment manager and has offices in Los Angeles,
New York, London, Houston, Frankfurt, Mumbai, Singapore, Hong
Kong and Luxembourg.
Double Eagle's unique business strategy and in-depth
understanding about the industry help them to successfully
acquire and manage non-operated working interest generating
superior returns and Apollo Global expects to benefit from it.
On the other hand, Double Eagle looks forward to enhance its
business through the partnership expansion with Apollo Global.
They have jointly created several viable business strategies in
the Mid-Continent and are eager to aggressively explore more such
opportunities in new locations such as in the Rockies, the Eagle
Ford and the Permian basin. Following the partnership expansion
deal, Apollo Global and Double Eagle will also continue with
their existing operations in Mid-Continent.
Apollo Global is set to release its fourth-quarter and full-year
2013 financial results on Feb 7, 2014. The Zacks Consensus
Estimate for 2013 is currently pegged at $4.52 that moved up 2.5%
during the last 30 days.
Apollo Global presently carries a Zacks Rank #3 (Hold). Other
better-ranked financial stocks worth considering include A
rtisan Partners Asset Management Inc.
Calamos Asset Management Inc.
Fortress Investment Group LLC
). All these stocks carry a Zacks Rank #1 (Strong Buy).