McMoRan Exploration's Shares Jumped: What You Need to Know

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Gulf of Mexico oil and gas explorer McMoRan Exploration (NYSE: MMR  ) gushed to gains as large as 10.1% this morning on average trading volume.

So what: Oil and gas stocks are jumping all over the place thanks to upbeat consumer reports on a good Black Friday outing. Brent crude spot prices jumped 2.4% over the weekend, which is an unusually strong single-day move.

Now what: With many Mexican oil export ports closed due to inclement weather, other sources around the Gulf are able to charge even higher prices today. That includes this offshoot of the Freeport-McMoRan Copper & Gold (NYSE: FCX  ) empire. Hence, Mexican Gulf explorers are jumping higher than the rest of the industry, led by small-cap Callon Petroleum (NYSE: CPE  ) gaining 13.3% and larger rival W&T Offshore (NYSE: WTI  ) at 11.1%. Not even a wayward analyst downgrade could keep buoyant W&T down today.

Interested in more info about McMoRan Exploration? Click here to add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold. Motley Fool newsletter services have recommended buying shares of W&T Offshore. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 1616333, ~/Articles/ArticleHandler.aspx, 9/15/2014 5:48:17 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement