UPDATE: Spectra Energy Surge To New 52-Week Top Amid Talk of Sandell Interest, After Positive Mention

By
A A A

Shares of Spectra Energy ( SE ) hit a new 52-week high of $33.96, and although they have pulled back a bit to $33.40 in recent dealings, they are still up 10%, as MT Insider reported Thomas Sandell of Sandell Asset Management is said to be taking an activist position in SE. He believes that the company is worth at least $48, a 45% premium to Spectra's current share price.

The stock has also gotten a boost by a Jim Kramer mention today, talking about Spectra and the company's plans to move the rest of its U.S. transmission and storage assets to its limited partnership by the end of the year.

On June 9, at the Bloomberg Hedge Funds Summit, Sandell was on a panel


of activists that discussed how to find and deal with opportunities in event

driven strategies.

Sandell stated that the firm generally "stays away from international

acquisitions" given the tremendous opportunities right here in the U.S. He

also hinted at a "major acquisition to be announced next week."

SE shares have a day bottom of $32.90, with a 52-week low of $26.55.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities

Referenced Stocks: SE

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Vox Media Acquires Re/Code
Vox Media Acquires Re/Code          

Stocks

Referenced

50%

Most Active by Volume

68,295,916
  • $16.74 ▲ 1.45%
62,491,455
  • $45.93 ▼ 24.20%
60,733,203
  • $57.155 ▲ 21.81%
44,713,400
  • $132.045 ▲ 1.87%
38,827,100
  • $5.28 ▲ 7.32%
33,433,686
  • $67.38 ▲ 1.94%
31,309,870
  • $34.95 ▲ 0.81%
28,346,742
  • $8.60 ▲ 1.06%
As of 5/27/2015, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com