Texas Pacific Land (TPL) shares rose in intraday trading Friday, a day after S&P Dow Jones Indices said the real estate operating company will be replacing Marathon Oil (MRO) in the S&P 500 Index.
TPL's shares, which closed at $1,515.53 Thursday after touching an all-time intraday high of $1,526.04, are surged 6% Friday morning.
The change will take effect prior to the start of trading Tuesday, according to S&P Dow Jones Indices, which noted that Marathon Oil is being acquired by ConocoPhillips (COP) in a deal expected to close Friday.
Dubbed the "S&P Phenomenon," an announcement of membership tends to lead to a temporary spike in a company's stock, because the index is widely tracked by institutional investors.
TPL is one of the largest landowners in Texas, with most of its ownership concentrated in the Permian Basin, the booming oil and gas field in the state. Marathon Oil's assets, meanwhile, include properties in the Permian.
TPL shares have soared nearly 200% year-to-date through Thursday's close.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。