Reuters newswire reported from New York, New York today, September 9, 2007 that stock shares of independent oil and natural gas producer XTO Energy Inc could be on the rise due to the company's promising drilling prospects and the strong track record of its management, according to the financial newspaper Barron's, which they reportedin its September 10, 2007 edition.
Reuters newswire reported that XTO has a low risk strategy of buying existing energy- producing properties in the United States and trying to extend the lives of those fields through selective drilling, the business weekly said.
Reuters newswire reported that XTO shares closed at $56.14 on the New York Stock Exchange on Friday, but XTO could be worth $70 per share -- if not $85 to $100 apiece -- if natural gas prices rise, Barron's said, citing Adam Sesel, a principal at New York investment firm Gravity Partners, which holds XTO shares.
Reuters newswire reported that the Fort Worth, Texas-based company plans to spend $2.6 billion this year to expand output, and it is very bullish on its recent purchase of a group of gas-producing fields from Dominion Resources Inc (D.N: Quote, Profile, Research), Barron's said.
Reuters newswire reported that the business weekly also suggested XTO could be a takeover target for one of the major oil companies.
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