McMoRan Exploration Co. (MMR): Price consolidating in bullish 'pennant'

Filed under: Analyst upgrades and downgrades, Good news, Chevron Corp (CVX), Technical Analysis, Stocks to Buy

McMoRan Exploration Co. (NYSE: MMR) is engaged in exploring for and producing oil and natural gas in the Gulf of Mexico and the Gulf Coast region. The company owns or controls interests in approximately 400 oil and gas leases in the Gulf, Louisiana and Texas. These cover some 370,000 acres. Altogether, the firm has proved reserves of about 41.2 billion cubic feet of natural gas and 5.8 million barrels of oil and condensate. McMoRan is also pursuing plans for the development of the Main Pass Energy Hub, a proposed offshore liquefied natural gas terminal. Chevron (NYSE: CVX) is a major competitor.

Investors were pleased last week by a Sterne Agee initiation of the stock at "buy" and a favorable update of the company's exploration and development activities in the Gulf of Mexico. Regarding the latter, the firm announced a successful production test at the Flatrock Field No. 2 well and an agreement allowing it to earn working interests in a relatively shallow water well on the Gulf of Mexico shelf.

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