XTO Energy rises on news of Hunt Petroleum deal

Tag : oil presser

NEW YORK (Associated Press) - Shares of XTO Energy Inc. roseWednesday, a day after it disclosed a deal to buy Hunt PetroleumCorp. in a purchase that should boost the oil and gas producer'soutput by nearly a third.
KeyBanc Capital Markets analyst Jack Aydin called it a "greatacquisition," while Lehman analyst Tom Driscoll said many of theassets being acquired make a good fit for Fort Worth, Texas-basedXTO, particularly in East Texas and nearby parts of Louisiana.
Driscoll expects the purchase to hike XTO's 2008 production byabout 29 percent. On that expectation, the analyst increased hisprice target by $2 to $70.