Oil and gas giants Chesapeake Energy Corporation (NYSE:CHK) and Encana Corp. were charged on Wednesday with colluding to keep oil and gas lease prices artificially low in the state of Michigan, the state Attorney General Bill Schuette said. The announcement follows a lengthy investigation by Schuette’s office into whether the firms — the biggest land leasers during a speculative oil and gas leasing boom in Michigan’s Collingwood Shale region during 2010 — colluded to avoid prices from rising as they acquired land leases from landowners. Chesapeake Energy Corporation (NYSE:CHK) stock closed at $25.50 in last trading session, and Stock 52 week range is $18.21 – $29.06. The stock showed a negative weekly performance of -0.43%.
Forest Oil (NYSE:FST)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued on Monday, Analyst Ratings Net reports. They currently have a $2.00 target price on the stock. Zacks‘s target price suggests a potential upside of 8.11% from the stock’s previous close. Forest Oil Corporation (NYSE:FST) shares closed at $1.85 on last trade day. Stock 52 week range is $1.75 – $6.67. Company’s market capitalization is $220.29 million.
ConocoPhillips (NYSE:COP)‘s stock had its “buy” rating reiterated by research analysts at TheStreet in a report released on Wednesday, Stock Ratings News reports. ConocoPhillips (NYSE:COP) stock finished the last session at $66.30. The EPS of the stock remained 6.44. Company’s market capitalization is $81.29 billion.
Oil and natural gas exploration and production (E&P) firm, Marathon Oil Corporation (NYSE:MRO) has entered into a farmout agreement with Africa Oil Corp, an upstream operator. Per the contract, Marathon Oil is expected to acquire roughly 50% ownership in Ethiopia’s Rift Basin. Notably, the government of Ethiopia has approved the said deal. Marathon Oil will likely pay approximately $3.0 million as an entry fee. Moreover, Marathon Oil is anticipated to spend $15.0 million of Africa Oil’s portion in the joint venture expenses to explore the Rift Basin. Marathon Oil Corporation (NYSE:MRO) stock opened at $33.89 in last trading session. The 52 week range of the stock is $29.47 – $38.18 and the day range was $33.54 – $34.00.