This week’s eagle started the week with a bang.
Shares of Panhandle Oil and Gas Inc., an Oklahoma City developer of oil and natural gas properties, opened Monday morning at $59.49, more than $6 higher than its previous close. Trading also was heavy at Monday’s opening bell.
There was no big news issued over the weekend, but the enthusiasm might have been left over from a month-ago disclosure that PHX had spent $80 million on assets in Texas’ red-hot Eagle Ford play.
The stock continued to trend upward through the week, setting a new 52-week high of $64.85 on Friday before the closing the week at $64.44.
Those who bought PHX before Monday’s big move notched a robust 21 percent gain last week.
We keep finding puppies over here in the doghouse.
Our beagle for the week is a fledgling public company. Seventy Seven Energy is an Oklahoma City-based oilfield services company that was spun off from Chesapeake Energy just a few weeks ago.
SSE shares took a 9.5 percent slide last week to close Friday at $23.32. That puts the stock at just about where it opened trading on day one.
It’s a phenomenon we’ve seen a couple times this year with newly issued Oklahoma stock. It may simply be folks who had the opportunity to buy an IPO, but lacked the interest to be long-term shareholders. They take a quick profit, and move on.
For those of you who’d like to buy a big Oklahoma energy company at IPO prices, here’s your chance.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.