Our eagle is another fledgling that has taken wing on its maiden flight.
Seventy Seven Energy Inc., which launched trading Tuesday on the New York Stock Exchange, posted a 13.8 percent gain in its first few days as a public company.
The stock, which debuted at $23.62, closed Thursday in a holiday-shortened trading week at $26.87.
The firm, a former Chesapeake Energy Corp. subsidiary, includes the parent company’s former oil-field services business. Chesapeake shareholders received one share of SSE for every 14 shares of Chesapeake stock outstanding. Holders with partial shares received cash.
Seven was a lucky number for those new shareholders.
Stocks giveth and they taketh away.
Chesapeake Energy Corp. shares were the worst-performing among Oklahoma’s publicly traded companies last week. But the decline was not a dramatic one.
CHK shares slipped 3 percent last week to close at $29.50. As noted above, there was a bit of a cushion established by those newly issued SSE shares.
Meanwhile, Chesapeake shares are up about 17 percent this year, and nearly 50 percent over the past 12 months.
For those celebrating recent chart-topping milestones for major stock indexes, shares of companies like Chesapeake Energy are what’s driving Wall Street higher.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.