Stocks of Permian peers of Pioneer Natural Resources rally in wake of WSJ report that buyout by Exxon Mobil is close

Shares of Permian peers of Pioneer Natural Resources Co. PXD, -0.17% were getting a boost in premarket trading Friday, in the wake of The Wall Street Journal’s report that Exxon Mobil Corp. XOM, -2.25% was near a deal to buy shale-drilling company for a premium of about 20%. Occidental Petroleum Corp.’s stock OXY, -1.03% rose 0.8% ahead of the open, Devon Energy Corp. shares DVN, -1.15% gained 0.9% and Diamondback Energy Inc.’s stock FANG, -0.27% climbed 1.4%.

TD Cowen analyst David Deckelbaum said the idea of a potential Exxon-Pioneer merger is “commonly brought up by investors,” and was subject of media speculation most recently in April. “We expect the repeated nature of the reports to be treated with legitimacy and anticipate scarcity value emerging for large scale Permian peers such as [Diamondback], [Occidental], and [Devon],” Deckelbaum wrote in a note to clients. Pioneer’s stock shot up 10.4% ahead of the open and Exxon shares shed 1.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pioneer Natural, Exxon, Tesla, Rivian, Levi Strauss, and More Stock Market MoversA report says Exxon Mobil is close to acquiring Pioneer Natural Resources in a deal that could be worth about $60 billion, Tesla is cutting prices of its...
Source: MarketWatch - 🏆 3. / 97 Read more »

Why High Interest Rates Hurt Clean Energy Stocks More Than Oil StocksCompanies that build wind and solar projects depend heavily on the debt market while oil companies can fund projects out of operating cash.
Source: MarketWatch - 🏆 3. / 97 Read more »

Shale driller's shares soar on reports of possible Exxon takeover and other stocks on the movePioneer Natural Resources, Exxon Mobil, Levi Strauss & Co., Philips and Tesla are among the stocks that are active
Source: MarketWatch - 🏆 3. / 97 Read more »