Atlas Pipeline Jumps on Upgrade - TheStreet

Atlas Pipeline Jumps on Upgrade

Atlas Pipeline Holdings receives an upgrade from Citigroup and its shares spike more than 20%.
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(Atlas Pipeline article updated for closing prices)

MOON TOWNSHIP, Pa. (

TheStreet

) -- Shares of

Atlas Pipeline Holdings

(AHD)

jumped 40% in trading on Tuesday after a

Citigroup

(C) - Get Report

analayst upgraded the name to hold from sell.

Volume in Atlas Pipeline shares reached 2.3 million during the regular session, more than 20 times its daily average of 100,000. Atlas stock added $2 to close at $7, equaling its 52-week high, reached almost a year ago in January.

In November 2008, Citigroup made a major negative call on Atlas, downgrading the natural gas stock to sell.

But since

Exxon

(XOM) - Get Report

announced its deal to acquire

XTO Energy

(XTO)

last Monday, the market has taken notice of natural gas stocks.

The

Exxon-XTO deal, viewed as a big bet on the gas sector, is expected to set off a wave of mergers and acquisitions among energy companies. Market chatter has pointed to independent energy producers like

Chesapeake Energy

(CHK) - Get Report

as potential targets.

-Reported by Eric Rosenbaum in New York.

RELATED STORIES:

>>Chesapeake Energy No. 1 M&A Target, Poll Says

>>Exxon-XTO Deal Leads to Energy Run Up

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