Why WPX Energy Rocketed Almost 40% in December
Shares of WPX Energy (NYSE: WPX) catapulted 39.6% in December, according to data provided by S&P Global Market Intelligence. Propelling the energy stock was its plan to acquire privately held Felix Energy as well as initiate a dividend.
WPX Energy announced in mid-December that it had sealed a deal to acquire Felix Energy from private equity fund EnCap Investments for $2.5 billion. The company will issue 153 million shares to EnCap as well as pay $900 million in cash, which it intends to finance by issuing new debt.
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Source Fool.com
