Shares of STO have firmed over the last week as investors see the company’s recent acquisition of Quadrant Energy as a net positive to growth.
The addition of Quadrant will increase STO’s ownership of high-grade gas assets in Western Australia.
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In addition, the Quadrant fields will strengthen STO’s operating capacity and increase last year’s rise in underlying profit into FY19.
We see initial chart resistance in the $7.35 area.
Santos
