In the past month, the Cimarex Energy Co (NYSE:XEC) has emerged as one of the major movers from among oil and gas stocks. Investors have flocked to the stock at a steady pace over the past month and during that time it has managed to clock gains of as much as 31%.
One of the positive trigger for the stock came about on September 8 when Cabot Oil & Gas Corporation made an announcement with regards to the possibly merger between one of its fully owned subsidiary companies and Cimarex Energy.
In this regard, it emerged that Cabot Oil & Gas started the process of making offers to eligible note holders of Cimarex to make an exchange. Cimarex had issued notes to the company to the tune of as much as $2000000000 in principal amount alone. The possibility of this merger is probably one of the major reasons behind the continued rally in the Cimarex stock.
At this point in time, it might be a good idea for investors to keep an eye on the price action of the Cimarex stock over the course of the coming days. Additionally, investors could keep track with the developments with regards to the merger.
Allied Energy Corp. (OTCMKTS:AGYP) is emerging as an important independent oil company that is now pumping oil from former commercialized well sites. For oil and gas investors, AGYP’s performance and stock deserves a view as a rare domestic energy producer in a global world of oil and gas shortages.
