Minefinders, EXCO and Range Resources Lead Big Percentage Winners Jan 23rd
Monday trading ended the day flat, but it didn’t stop some companies from reaching for the stars. The following stocks were the biggest percentage climbers on Wall Street today, for good reason:
Minefinders Corp. Ltd. (NYSEAMEX:MFN): Pan American Silver (NASDAQ:PAAS) and Minefinders Corporation (AMEX:MFN) are pleased to announce that they have entered into a definitive agreement (the “Arrangement Agreement”) pursuant to which Pan American will acquire all of the issued and outstanding common shares of Minefinders by way of a plan of arrangement. Under the terms of the Arrangement Agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held. The shares closed at $13.95, up $2.6, or 22.91%. They have traded in a 52-week range of $9.50 to $18.95.
EXCO Resources Inc (NYSE:XCO): In it’s Annual Energy Outlook 2012 report, the Energy Information Administration projects the United States as a net exporter of liquefied natural gas in 2016, a net pipeline exporter in 2025, and an overall net exporter of natural gas in 2021. Also in the report, the EIA cut its estimated unproved technically recoverable resource of shale gas for the United States to 482T cubic feet, “substantially below” its previous estimate of 827T cubic feet from a year ago, based mainly on a decrease in the estimate for the Marcellus shale, from 410T cubic feet to 141T cubic feet. The shares closed at $8.55, up $0.69, or 8.78%. They have traded in a 52-week range of $7.66 to $21.04.
Range Resources Corp. (NYSE:RRC): For 2011, Range added 1,493 Bcfe of proved reserves through the drill bit. Positive performance revisions added 225 Bcfe despite the Company removing 112 Bcfe of proved undeveloped reserves that are no longer expected to be developed within the next five years under current development plans as the Company continues to redirect capital to the Marcellus Shale and other liquids-rich areas of the Company’s portfolio. Price revisions decreased proved reserves by just 0.4 Bcfe as lower gas prices were mostly offset by higher liquids prices. No reserves were added through purchases as the Company did not complete any proved property acquisitions in 2011. The sale of the Barnett Shale properties and other miscellaneous properties resulted in a reduction of 904 Bcfe of proved reserves. Production for 2011 totaled 202 Bcfe. The shares closed at $59.00, up $4.98, or 9.22%. They have traded in a 52-week range of $45.13 to $77.24.
Southwestern Energy Company (NYSE:SWN): BMO Capital upgraded Southwestern Energy based on valuation and exploration efforts in the Lower Smackover Brown Dense oil formation. Price target is $40. The shares closed at $32.46, up $3.03, or 10.3%. They have traded in a 52-week range of $28.37 to $49.25.
Forest Oil Corporation (NYSE:FST): BMO Capital downgraded Forest Oil citing relative production growth. Price target lowered to $15 from $20. The shares closed at $14.04, up $1.13, or 8.75%. They have traded in a 52-week range of $8.88 to $40.23.
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