Eagle & Beagle
Our eagle isn't flying high, but it does appear to be pulling out of a long dive.
Tulsa-based Apco Oil & Gas International was one of the worst performers on Wall Street last year after political strong-arm tactics against one of its Venezuelan competitors sent investors scurrying for the exits.
APAGF shares, which sold for more than $80 a year ago, plummeted to less than $10.
But the stock has rallied off that low, and last week added 12 percent to close Friday at $14.72.
The latest surge comes on light volume, which is not unusual with the closely held company (mostly owned by Tulsa's WPX Energy). With small trades driving this recent rally, time and a little more volume should tell the tale.
Our worst performer among state-based stocks is an Oklahoma City energy company.
Shares of GMX Resources slumped 29 percent last week to close Friday at $4.96.
The company recently reported strong results from a well it owns a two-thirds interest in, with GMX President Michael Rohleder noting the production “confirms that the changes we have made in our drilling and completion programs are having a positive effect.”
Apparently traders shrugged off that positive spin.
The company recently executed a 1-for-13 stock split to boost its share price, which was languishing at less than $1. Since that time, the stock has shed more than $1.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.