BUZZ-Athlon Energy Inc: Hits record high after Encana offer

Mon Sep 29, 2014 10:09am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]


** Athlon's shares up 24.7 pct at $58.26, slightly below Encana's offer of $58.50 per share

** Athlon stock touched record high of $58.29

** Encana offered $5.93 billion in cash for Athlon, as it accelerates its plan to focus on more lucrative oil and natural-gas liquids

** Offer at a significant premium to Athlon's intrinsic valuation of $37.64 per share, according to StarMine data

** Up to Friday's close, Athlon stock had more than doubled from its IPO price of $20 in August 2013

** The deal was a positive for other companies in Texas's Permian field, including Parsley Energy Inc, RSP Permian Inc, Laredo Petroleum Inc and Diamondback Energy Inc, analysts said

** Parsley Energy was up about 3.3 pct, RSP Permian was up about 2.6 pct, Diamondback was up 3.3 percent, while Laredo Petroleum was up 1.8 percent in early trading