Eagle & Beagle
Our eagle has climbing steeply for a couple of weeks.
Apco Oil & Gas International jumped 12.4 percent last week, adding $1.54 to close Friday at $13.95. A week earlier, the stock gained 16.5 percent.
We've mentioned APAGF in this space several times this year, but generally in the bottom half of the column.
Early this year, Venezuelan government interference in a Spanish company's energy business produced uncertainty among investors and managers of all firms operating there — including Apco.
A year ago, the lightly traded, closely held stock sold for more than $80 a share. Last month, it bottomed out at less than $9.
The recent surge may be the start of a long road back.
The phenomenon of a stock switching from eagle to beagle status crops up from time to time.
Profit-taking, bottom-fishing and portfolio burnishing can push stock prices around in the short term — and this column always takes the short view (while recommending that investors do the opposite).
Shares of SandRidge Energy slipped 8 percent last week to close at $6.70. That tumble came on the heels of a 25 percent gain in the previous week.
Disgruntled investors continue to rag on the management of the Oklahoma City oil and gas company, and securities firms keep fishing for shareholders to file class-action suits against the firm.
But that all was true last week, when the stock shot up.