Anadarko Petroleum Corporation (APC) explores for resources in East Africa and has exposure to gas projects in Mozambique, Tanzania and Kenya. Robert Cordray, Director at Guggenheim Securities, LLC, recommends the stock and expects some legal overhangs to be resolved favorably.
“As far as top picks in my group, I really like Anadarko. We have thought and we continue to think that the Tronox case is overblown. We recommend clients be in that stock now, ahead of the resolution, as we think the stock legs up after Tronox and doesn’t look back,” Cordray said.
Cordray says exploration companies like APC are a potential source of significant alpha, and he says investors are looking for some of these larger deepwater exploration opportunities, which can result to be great catalysts for the stocks.
“You also have multiple exploration catalysts, both from international exploration and the Gulf of Mexico. You also have probably one of the better performers in the U.S. onshore and conventionals, all wound into one company. We certainly like that,” Cordray said.
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