Aug 18, 2011
Noble Energy (NYSE:NBL) agreed to pay $3.4 billion to Consol Energy (NYSE:CNX) for a 50% interest in Consol's Marcellus Shale assets.
The two companies will create a joint venture to develop Consol's 663,350 acres in the region.
In early trading, Consol rose $1.80, or 4.24%, to $42.22. In spite of the deal between Consol and Noble, most companies with property in the Marcellus region are declining along with the broader market.
Noble Energy (NYSE:NBL) has a potential upside of 33.4% based on a current price of $83.39 and an average consensus analyst price target of $111.25.
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