Been there, done that. The market could barely stifle a yawn at this week's 25 basis-point rate cut by the
Anadarko Looking North?
Rumblings out of Calgary, Alberta, late in the week suggest Anadarko Petroleum (APC) may be looking to expand its Canadian presence. Sources north of the border say that the Houston-based exploration-and-production company is scouting out a possible deal with Anderson Exploration (AXN), a Calgary-based company with proven reserves of 664 million barrels of oil equivalent. Natural gas makes up 65% of its current production.In recent presentations, Anadarko has hinted at its interest in getting larger and its attraction to Canada. According to one Canadian trader, Anderson is in Canada what Mitchell Energy ( MND) is in the U.S.: a top-tier natural gas company with solid, proven reserves. "If Mitchell is one of the last jewels in the U.S., Anderson fits that bill in Canada," he says. What drew Devon ( DVN) into
Recent market reaction hints that Anderson is in play, as the stock has moved higher on heavy volume since Wednesday. "Something is happening; there is a lot of conviction in the market about Anderson," says Scott Walters, a trader at Toronto-based Research Capital. "We're hearing Anderson will sell if they can get $35
|Anderson in Play |
Rumors of a possible takeover might be fueling this stock.
O! (Air) CanadaSpeaking of the Great White North, anyone notice the nice run in Air Canada (AC:Toronto) in the past week? It's up nearly 12% this week -- that from an airline that's recently struggled to stay in the air.
|Air Canada Flies High |
But some question whether the ride can last
Delayed for TakeoffSpeaking of airlines,
If you're looking for more on the energy markets, check in this weekend as we present the latest edition of the semiannual TSC Energy Roundtable. Six energy pundits work to make sense of the topsy-turvy oil, natural gas and power markets, including their best ideas to make you money in the months ahead.