RSP Permian Rising Off Acquisition Of Silver Energy Partners

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RSP Permian Inc RSPP shares are trading higher by $0.60 at $42.35 in Friday's session. The Street is showing its approval of its purchase of Silver Hill Energy Partners for $2.4 billion.

The acquisition will boost its 2016 view. The company also announced a 22 million share offering at $39.75.

Following a lower open, it went only $0.03 lower to $40.70 before sharply reversing course. The ensuing rally has taken the issue to a new all-time high ($42.72), eclipsing the old high made on Thursday at $42.56. In order to post a new all-time closing high, the issue will need to close above Wednesday's close of $41.86.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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