Anadarko's (NYSE:APC) Amazing Comeback, Are They Fully Priced

After the Macondo well disaster in the Gulf of Mexico, which Anadarko (NYSE:APC) had a 25 percent stake in, with BP (NYSE:BP) holding 65 percent, Anadarko has been soaring, rising from under $35 a share in the early part of June to close at over $80 Wednesday.

Considering Anadarko's potential exposure to fines and lawsuits, it's a remarkable performance. And even without that weighing on the company, it's still a amazing comeback.

While shares in Anadarko have been steadily rising, they got a nice boost on rumors they could be a takeover target of mining giant BHP Billiton (NYSE:BHP). Since that time, the push they received from the speculation has remained, and even been enhanced since the end of 2010.

Also a major factor in the performance of Anadarko, which is helping the overall oil sector, are expectations the price of oil will continue to rise.

Even the loss of business in the Gulf of Mexico hasn't slowed down the company. That's mostly because of their strong onshore projects in Marcellus and Eagle Ford.

The only major thing weighing on Anadarko is their Caesar/Tonga complex, which they co-own with Chevron (NYSE:CVX), Statoil (NYSE:STO) and Royal Dutch Shell (NYSE:RDS-A). The start-up of that asset has been delayed.

What the question is now after the extraordinary run is if the company is now fully priced. Some investors think so, and are going to wait on the sidelines until there's a pullback.

Anadarko closed Wednesday at $80.03, gaining $1.49, or 1.90 percent.