UBS Raises Price Target on Anadarko Petroleum (APC) to $76

UBS raises its price target on Anadarko Petroleum (NYSE: APC) from $68 to $76.

The firm said shares of Anadarko are "very attractive" at current levels and believes yesterday's completion of a $2.2 billion midstream monetization transaction shows Anadarko should be able continue to perform well.

Shares of Anadarko Petroleum are benefiting today from the $2 billion deal and the UBS price target increase. The stock price rose as high as $68.00, a new 52-week high, just after the market opened, but has since tapered off and is now up about 1.5%.

Anadarko has had a great year as a result of the rising price of oil, which almost broke the $100 level in the last few months of 2007. The Company's stock has gone up by about 54% year-to-date and, from a technical standpoint, appears to be trending higher.

Anadarko Petroleum Corporation engages in the acquisition, exploration, and production of oil and gas primarily in the United States, the deepwater of the Gulf of Mexico, and Algeria.

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