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).

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

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.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now