McMoRan Exploration Shares Rally Ahead Of Report

DEBORAH JIAN LEE

NEW YORK (AP) — Shares of McMoRan Exploration Co. on Friday rebounded from a recent slump ahead of the independent petroleum producer's quarterly report scheduled for Monday.

McMoRan shares climbed 71 cents, or 13.5 percent, to $5.98 in afternoon trading. Shares have traded in a 52-week range of $3.14 to $35.52.

The stock, which has slid about 15 percent since the end of March, has fallen too far. said Capital One Southcoast analyst Richard Tullis in a phone interview. This recent underperformance has driven the price to an attractive level, he added.

"We continue to consider McMoRan as the best way for investors to gain significant exposure to high-impact Gulf of Mexico shelf exploration," Tullis wrote in a note on Thursday.

Tullis rates the shares of the New Orleans-based company at "Add" with an $11 price target.