Why ConocoPhillips Stock Is Falling Today
Shares of (NYSE: COP) tumbled this morning and were trading 3.5% lower as of 11:30 a.m. ET on Wednesday.
With several of its peers on a buying spree in recent months, today's big announcement from ConocoPhillips shouldn't have surprised investors. The oil and gas company is acquiring a peer in a multibillion-dollar deal and expects the acquisition to create long-term value for shareholders.
ConocoPhillips will acquire Marathon Oil (NYSE: MRO) in an all-stock deal valued at $22.5 billion, including $5.4 billion of net debt. Marathon investors will receive 0.2550 shares of ConocoPhillips for each share they hold, representing a 14.7% premium to Marathon's closing price yesterday.
Source Fool.com
ConocoPhillips Stock
€103.06
-0.140%
The stock is an absolute favorite of our community with 33 Buy predictions and no Sell predictions.
With a target price of 134 € there is a positive potential of 30.02% for ConocoPhillips compared to the current price of 103.06 €.
