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Santos Ltd shares drop back after surge upwards yesterday

Shares in natural gas producer Santos Ltd (ASX: STO) dropped back slightly to $6.23 at the time of writing after its share prices shot up 5c during yesterday’s trade off the back of rising oil prices and more talk of the takeover bid by US private investor Harbour Energy.

Santos today made an announcement on media speculation that ENN Ecological Holdings is suspended from trading on the Shanghai Stock Exchange in connection with a preliminary agreement with Harbour in relation to Harbour’s proposal to acquire 100% of Santos shares for US$4.98 per share.

The Santos announcement confirms it has received no notification of any agreement between Harbour and ENN or any change to the Harbour proposal – at this time Santos shareholders take no action in relation to the Harbour proposal.

High commodity prices saw Santos book strong quarterly results, maintaining guidance for FY19, with the sale of its Asian portfolio to Ophir Energy for US$221 million expected to accelerate the process.

The Harbour Energy bid will be interesting to watch as it plays out and with demand for natural gas only expected to increase other LNG stocks to watch include Woodside Petroleum Limited (ASX: WPL), Origin Energy Ltd (ASX: ORG) and Oil Search Limited (ASX: OSH).

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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