Options Traders Respond to Billion-Dollar Oil Buyout
MROMarathon Oil(MRO) schaeffersresearch.com·2024-05-29 22:51

ConocoPhillips (NYSE:COP) announced it will buy Marathon Oil Corp (NYSE:MRO) for 22.5billion,withthedealexpectedtocloseinthefourthquarter.Below,let′sdigintohowbothstocksarereactingtothebigmerger.COPwaslastseendown322.5 billion, with the deal expected to close in the fourth quarter. Below, let's dig into how both stocks are reacting to the big merger. COP was last seen down 3% at 115.33, but former resistance at the 114levelcouldflipintosupport.DespitebeinginpullbackmodesinceanApril12,morethanone−yearhighof114 level could flip into support. Despite being in pullback mode since an April 12, more than one-year high of 135.18, shares still boast a 14.6% year- over-year lead. Meanwhile, MRO is up 8.4% at $28.68 at last check -- ...