SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - NYSEARCA
  • Fri, Feb. 12, 6:56 AM
    • Rio Tinto (NYSE:RIO) are +6.1% in London, back above 1,800p after falling yesterday on weak earnings and after scrapping its dividend (more here).
    • Citi downgraded RIO to Neutral with a 1,850 PT following earnings. But hedge fund Segantii Capital Management bought stakes in RIO, Anadarko (NYSE:APC), and the SPDR S&P Oil and Gas Exploration & Production ETF (NYSEARCA:XOP) according to a recent filing.
    • In a note this morning, Berstein said it believes RIO will use the cash it is saving by halving its dividend and slashing capex to grow its copper exposure.
    • Firm says RIO should stop building and start buying copper rivals, noting that the cost of buying some of the largest copper miners would be 40-80% less its OT UG expansion.
    • “The key question is how: by building new projects or acquiring existing assets? To us, the decision should be a no-brainer.”
    • Note: On yesterday's earnings call, CFO Chris Lynch said, “We have a list of assets that we would be very keen to own if they were to become free,” adding: ‘‘We are very much interested in good-quality assets should they come on the market.”
    | Fri, Feb. 12, 6:56 AM | 6 Comments
  • Mon, Jan. 11, 4:38 AM
    | Mon, Jan. 11, 4:38 AM | 16 Comments
XOP Description
The SPDR® S&P® Oil & Gas Exploration & Production ETF seeks to replicate as closely as possible, before expenses, the total return performance of the S&P Oil & Gas Exploration & Production Select Industry® Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Country: United States
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