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Recent 52-Week High Exceeded in Shares of Plains Exploration & Production (PXP)

Published on Wed, 01/02/2013 - 15:32
By Robert Cotter

Plains Exploration & Production (NYSE:PXP) traded today at a new 52-week high of $48.00. This new high was reached on below average trading volume as 3.2 million shares traded hands, while the average 30-day volume is approximately 6.5 million shares.

There is potential upside of 3.0% for shares of Plains Exploration & Production based on a current price of $47.25 and an average consensus analyst price target of $48.67. The stock should find initial support at its 50-day moving average (MA) of $39.22 and further support at its 200-day MA of $38.95.

Plains Exploration & Production Company is an independent oil and gas company with onshore and offshore operations in California, West Texas, East Texas and the Gulf Coast region. The Company is primarily involved in the upstream activities of acquiring, exploiting, developing, and producing oil and gas.

Over the past year, Plains Exploration & Production has traded in a range of $30.12 to $48.00 and is now at $47.25, 57% above that low. The 200-day and 50-day moving averages have moved 0.05% higher and 2.00% higher over the past week, respectively.

By Robert Cotter
rcotter@fnno.com