Shares of two energy names are moving in opposite directions this afternoon after Bloomberg reported that Pioneer Natural Resources (PXD) is considering an acquisition of Range Resources (RRC), citing people familiar with the matter. Pioneer Natural is seeking further consolidation in the shale industry, sources told Bloomberg’s Ed Hammond and Dinesh Nair. Deliberations are ongoing and there’s no certainty the companies will reach an agreement, the peopled added. Shares of Range Resources are up $3.08, or 12%, to $28.34 in Friday afternoon trading following the report, while Pioneer Natural has fallen $10.40, or 5%, to $194.66. Reference Link
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on RRC: