Why Marathon Oil Jumped Over 10% This Week
Shares of Marathon Oil (NYSE: MRO) rallied 10.4% through Thursday trading, according to data from S&P Global Market Intelligence.
The rally was due to the merger agreement that was struck on Wednesday with oil and gas giant (NYSE: COP), which agreed to acquire Marathon for an enterprise value of $22.5 billion.
Marathon shareholders will receive 0.255 shares of ConocoPhillips per Marathon share, amounting to a 16% premium, given the two companies' share prices before the announcement. But as ConocoPhillips' stock fell a bit in the aftermath of the news, Marathon ended the week slightly lower than the premium as it will soon be combined with Conoco.
Source Fool.com
ConocoPhillips Stock
€104.48
1.090%
The stock is one of the favorites of our community with 84 Buy predictions and 1 Sell predictions.
With a target price of 108 € there is a slightly positive potential of 3.37% for ConocoPhillips compared to the current price of 104.48 €.
