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Stocks at New Highs, New Lows for 12/10

Two Canadian energy companies are having very different years


Here’s one stock hitting a 52-week high and one finding a 52-week low today:

New High: Nexen Inc.

Shares of Canadian energy company Nexen Inc. (NYSE:NXY) opened to gains of nearly 15% this morning after a takeover of the company was approved. Chinese-owned Cnooc Ltd. (NYSE:CEO) — which already owns 35% of the company’s oil-sands project — had placed a $15.1 billion offer for Nexen, which Canadian Prime Minister Stephen Harper has now signed off on.

Cnooc has also tossed out a $5.2 billion bid for Progress Energy Resources Corp. (NYSE:PRQ), which was also approved. The Nexen deal, for one, is the biggest deal in Canada since 2009, when Suncor Energy Inc. (NYSE:SU) snatched up Petro-Canado for $18 billion, according to Businessweek.

NXY has now climbed nearly 70% since January, including a huge jump in July on first talks of the deal. Shares are trading for just under $27 — more than $4 higher than Friday’s close.

New Low: Pengrowth Energy Corp.

Pengrowth Energy Corp. (NYSE:PGH) is another Canadian energy company, but one with quite a different story this year. Shares are in the red around 1% so far today, bringing year-to-date losses above 50% and sending the share-price to a 52-week low under $5.

Pengrowth has been moving steadily downwards all year. In late November, it lowered its Q4 production numbers. The oil and gas company also announced plans to slash its monthly dividend earlier in the year in order to “safeguard Pengrowth’s financial and balance sheet strength” because of “increased uncertainty in the capital and property markets.”

As of this writing, Alyssa Oursler did not own a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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