Eagle & Beagle
The best performing Oklahoma-based stock of the week drew the type of chart that investors like to see.
Shares of Tulsa-based SemGroup Corp. closed higher than they opened every day last week, and on the last three trading days the stock traded with strong volume.
For the week, SEMG gained 8 percent to close at $36.75, a new 52-week high.
SemGroup is an energy company that deals with the transport and storage of petroleum produced and refined by others in this region. The midstream company earlier this month released its quarterly earnings, which showed a bit of improvement from the previous quarter and the year-ago period.
While natural gas prices remain a drag on earnings, CEO Norm Szydlowski said demand for midstream services continue to grow and that his company is positioned to benefit.
This is the late-summer doldrums period, when many Wall Street denizens abandon the Big Apple for their homes in the Hamptons.
But trading volume this year is slow even by summer standards. The Wall Street Journal noted last week that trading this month is down more than 40 percent from last August.
Low volume is among the reasons we're not too alarmed by the 9.2 percent drop in the stock price of this week's beagle: Oklahoma City-based PostRock Energy Corp. It closed Friday at $2.
PSTR trades pretty thinly, and its heaviest trading volume last week came on a day that it actually gained a bit.
The stock's struggle to break through the $2 level is troublesome, but last week's 20-cent decline doesn't appear to signal a major sell-off, considering it puts the stock precisely where it ended the month of July.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Writer Don Mecoy.