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Shares of Plains Exploration & Production Have Risen Above Previous 52-Week High

Published on Mon, 02/04/2013 - 15:14
By Mallory Stone

Shares of Plains Exploration & Production (NYSE:PXP) traded today at $48.19, breaking its 52-week high. This new high was reached on below average trading volume as 817,000 shares traded hands, while the average 30-day volume is approximately 2.6 million shares.

Over the past year, Plains Exploration & Production has traded in a range of $30.12 to $48.19 and is now at $48.11, 60% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 3.1%.

Plains Exploration & Production has overhead space with shares priced $48.11, or 3.6% below the average consensus analyst price target of $49.91. The stock should discover initial support at its 50-day moving average (MA) of $44.33 and subsequent support at its 200-day MA of $39.43.

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.

By Mallory Stone