December 31, 2010
Shares of Anadarko Petroleum (NYSE: APC) surged early Thursday on a report that BHP (NYSE: BHP), after failing to acquire Potash Corp., has its sights set on the oil and gas exploration company
This is not the first time Anadarko has been a takeover target. In September there also were rumors that BHP was considering Anadarko.
Thursday’s rally places shares above their closing highs reached back in March and April of this year and only in 2008 did share prices reach higher highs for a short time.
Because this is a news based rally, should the news not pan out share prices could quickly drop back to where they were at about $70.00 a share.
But if takeover is for real, share prices have a shot at reaching $85.84 over coming months. Support is at $70.00 a share.
Fibtimer.com does not currently have a position in Ishares Anadarko Petroleum.