Chevron, Petrobras, and Barclays Are Among 5 Stocks Making Noise Friday

Revlon Inches Up 0.9% on Earnings

Revlon Inc (NYSE:REV) reported earnings of $0.28 per share for its second quarter, on revenue of $488.9 million. Revlon’s adjusted net income of $14.7 million tumbled by $14.3 million year-over-year, almost entirely due to foreign exchange fluctuations that negatively impacted intercompany loans. Meanwhile, the company’s net sales rose by 1.3% on an as-reported basis and by 3.5% on a constant-currency basis. Nine funds tracked by Insider Monkey were long Revlon Inc (NYSE:REV) at the end of the first quarter, up by one quarter-over-quarter.

M&A in the Oil Patch

Statoil ASA(ADR) (NYSE:STO) and Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) are each trending after the former agreed to buy a major offshore oil block from Petrobras for $2.5 billion. Under the terms of the deal, Statoil will receive Petrobras’ operating interest of 66% in BM-S-8 in the Santos basin in exchange for cash that will help the latter company cut its debt by around two percentage points. Analysts estimate that BM-S-8 holds 700 million-to-1.30 billion BOE of recoverable oil. Statoil will pay around $1.25 billion when the deal closes and another $1.25 billion when various milestones are met.

The number of hedge funds in our system with stakes in Statoil ASA(ADR) (NYSE:STO) fell by one quarter-over-quarter to seven as of the end of March. Meanwhile 23 funds reported owning shares of Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) as of the end of the first quarter, a dip of one from the beginning of the quarter.

Disclosure: None