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Stock Investors Sell Off Shares of Plains Exploration & Production, Down 2.2%

Published on Wed, 02/20/2013 - 13:24
By Peter Chu

Plains Exploration & Production (NYSE:PXP), a company whose shares are moving quickly, is trading 2.2% lower to $46.24. The S&P is currently trading 0.4% lower to 1,525 and the Dow Jones Industrial Average is trading fractionally lower to 14,025.

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.

Plains Exploration & Production (NYSE:PXP) has potential upside of 8.9% based on a current price of $46.24 and analysts' consensus price target of $50.36. The stock should find resistance at its 50-day moving average (MA) of $46.95, as well as support at its 200-day MA of $39.84.

Over the past year, Plains Exploration & Production has traded in a range of $30.12 to $48.47 and is now at $46.24, 54% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.2%.

By Peter Chu