Our current eagle soothed the feathers of traders and investors last week.
Shares of Tulsa-based WPX Energy jumped 7.2 percent after the firm announced several transactions aimed at boosting margins.
Essentially, the company sold its coal bed methane holdings while loading up on oily acreage in the San Juan Basin.
CEO Rick Muncrief said the deals were basically a financial wash, but “demonstrate our commitment to deploy capital where we can generate the highest returns.” The trade-off was aimed at creating additional shareholder value, Muncrief said.
Apparently, shareholders agreed.
It was a relatively uneventful week in terms of price-moving news for most of Oklahoma’s publicly traded companies.
Fortunately, that lull produced few candidates for beagle. The overall laggard, Laredo Petroleum Inc., slipped just 4 percent over the past five trading days.
LPI, unfortunately, is on a four-week losing streak that began around the time the Tulsa-based energy company disclosed its earnings, which fell short of analysts’ consensus estimates.
The stock closed Friday at $22.91 after setting a 52-week low of $22.58 on Thursday.
Long-term investors are hoping this week marks the bottom of this recent price slump.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.