Tom Reese/Paul Rubillo, Dividend.com
Oil producer Anadarko Petroleum Corporation (APC) joined the offering party Tuesday, saying it will offer 30 million new shares of common stock at a price of $45.50 per share.
The Woodlands, Texas-based company expects the offering to raise around $1.47 billion, which it will use for ''general corporate'' purposes, including funding future natural gas and oil exploration projects.
According to recent figures, the offering could increase the company's number of shares on the open market by as much as 7.5%.
Anadarko shares fell $3.26, or -6.6%, in morning trading Tuesday.
The Bottom Line
We had removed shares of APC from our ''Recommended'' list back on July 23, when the stock was trading at $62.84. The company has a dividend yield of .74%, based on last night’s closing stock price of $48.84. The stock has technical support in the $38-42 price area. If the shares can continue the recent rebound, we see overhead resistance around the $54-57 price levels. We would remain on the sidelines for now.
Anadarko Petroleum Corporation (APC) is not recommended at this time, holding a Dividend.com DARS Rating of 3.2 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
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