Stock price when the opinion was issued
Chart shows a channel formation in 2012 and 2013, followed by a severe drop in the last half of 2014. This is not a good sign. Feels that the sudden drop has taken the stock so far from the mean that it should rebound. If crude continues lower, there is no bottom in sight for the stock. If you are trading, and it makes a 52-week low, he would sell immediately.
Being acquired by Repsol. If you own, take the money and run. It was always a risk, even though it was slim, that the deal wouldn’t get done.