Energy Stock APC Approaching Buy Point
by Sam Collins | January 31, 2012 1:03 am
Anadarko Petroleum Corporation (NYSE:APC[1]) — This major independent oil and gas exploration and production company, with operations primarily in the United States, the deepwater of the Gulf of Mexico, and Algeria, is in a consolidation that began early last year.
After a $4 billion settlement with BP (NYSE:BP[2]), the focus can now shift to APC’s top-tier exploration and development portfolio. Earnings are estimated to be $2.95 in 2011 and $3.05 in 2012. Recent developments in the supply of natural gas should help the company’s bottom line.
The stock has been consolidating within a massive “V” formation with a bottom at under $60 and a neckline at $84. The 200-day moving average at $75 should hold any pullbacks, and so that is the preferred buy point. A breakout through the neckline at $84 has a target of $110.
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- APC: http://studio-5.financialcontent.com/investplace/quote?Symbol=APC
- BP: http://studio-5.financialcontent.com/investplace/quote?Symbol=BP
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Source URL: https://investorplace.com/2012/01/trade-of-the-day-anadarko-petroleum-corporation-nyse-apc/