Suncor Energy (NYSE: SU) is expected to close on its purchase of Petro-Canada (NYSE: PCZ) in Q3 pending regulatory approvals. PCZ will receive 1.28 shares in the new company for each of their shares while SU holders will receive one share.
SU closed at $30.60. PCZ closed at $38.83. WTI Crude oil is recently down 0.21% to $71.34 according to Bloomberg. SU August option implied volatility of 53 is below its 26-week average of 60, according to Track Data, suggesting decreasing price movement.
Petro-Canada August option implied volatility is at 54, below its 26-week average of 59, according to Track Data, suggesting decreasing price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
