WPX Energy rises as hedge fund discloses stake
WPX Energy hits all-time high as hedge fund Taconic Capital discloses minority stake
NEW YORK (AP) -- Shares of WPX Energy soared to an all-time high on Monday as a hedge fund disclosed a minority stake in the oil and gas company.
THE SPARK: Taconic Capital Advisors LP said in a regulatory filing that it now has a 6.39 percent interest in WPX Energy. The hedge fund also said that it may talk with WPX about ways to increase value for shareholders.
A representative for WPX did not immediately respond to an email seeking comment.
THE BACKGROUND: Earlier this month WPX's share got a bounce after regulators ruled that it wasn't responsible for water contamination in Pennsylvania. In late April Pennsylvania regulators said their 16-month investigation showed that high levels of methane and other contaminants in the private water wells at three homes didn't result from WPX's drilling. WPX, which is based in Tulsa, Okla., had faced heavy criticism for its hydraulic fracturing activities in the region.
SHARE ACTION: WPX Energy Inc.'s stock rose 98 cents, or 5.3 percent, to $19.44 in afternoon trading. The shares reached a new all-time high of $19.84 earlier in the session.
