QEP - Why QEP Resources Stock Rallied 16% in Early Trading Today
Shares of U.S. onshore exploration and production (E&P) company QEP Resources (NYSE: QEP) rose a dramatic 16% or so in the first hour of trading on Wednesday. There was no particular news out of the oil and natural gas company that would justify such an advance. And while crude oil prices were trending higher again after Tuesday's slide, QEP's swift price gain went further and happened faster than the moves of the energy industry peers which it normally trades similarly to. As of 12:17 p.m., the stock was up by about 16.5%. It's likely a rumor about the company that has investors excited here.
According to industry watchers, QEP has been contacted by other companies about a possible takeover. Merger and acquisition news often puts investors into a buying mood, and in this case, it's not all that outlandish a proposition.
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Why QEP Resources Stock Rallied 16% in Early Trading Today