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TRADE ALERT- Anadarko Sale of Mozambique Stake a Positive

Zemanta Related Posts ThumbnailAccording to Wells Fargo (NYSE: WFC), Anadarko Petroleum (NYSE: APC)’s announcement that it sold a 10 percent interest in Mozambique for $2.64 billion is a positive and above street expectations. The cash deal will allow the company to increase its 2014 production rate target by a couple of percentage points. It reiterated its “Outperform: rating on the stock.

Anadarko Petroleum is up about 18 percent on the year and trades an average of 2.8 million shares daily.  The stock has remained in a trading range since the end of July as it tests its 50 day moving average. The chart shows a stock that is poised to move higher.

[stock-tools exchange="NYSE" symbol="APC" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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