In my article "4 Energy Stocks with Exceptional Projected Earnings Trading at Low Prices," I listed Holly Corporation (HOC) as one stock to consider. As of the open this morning, July 1, HOC and Frontier Oil (NYSE:FTO) finialized their merger to HollyFrontier Corporation (NYSE:HFC), which started trading today.
Yesterday FTO closed at $32.31 and HOC closed at $67.54. Today HFC opened at $69.00 and finished trading at $71.86--higher than the values of either stocks, for a gain of 3.54%.
FTO's shareholders received 0.4811 shares of HOC for every share of FTO they owned. For more information on the merger, please see "Deal to combine Holly and Frontier Oil closes."
Disclosure: I held no positions in FTO or HOC, and I have no plans to buy HFC in the near future.