Ka-boom! This week’s eagle rocketed off the pad, fueled by a strong earnings report and a big piece of new business.
After markets closed Thursday, Tulsa-based Matrix Service Co., which builds and fixes energy infrastructure, announced that it had nearly doubled its first-quarter profits on record-high revenue.
Before the bell rang Friday morning, Matrix unveiled a $100 million deal to build storage tanks at crude oil terminals in Michigan and Wisconsin.
The stock jumped 18 percent Friday on triple the average daily volume, producing a 9.5 percent gain for the week.
MTRX shares closed at $33.57, which I’m sure is disheartening to traders who got out at less than $29 earlier in the week.
Earnings also is the story behind this week’s beagle, which got dogged after issuing its first-quarter results.
Oklahoma City-based Gulfport Energy reported that it nearly tripled its profits and had quadrupled its production.
But analysts had expected even better numbers. GPOR missed per-share earnings by a penny, and also was shy of revenue estimates. Several analysts downgraded the stock, and traders were listening.
The shares fell nearly 18 percent last week, closing Friday at $60.88.
After four months of gains, apparently some folks were looking for an excuse to sell.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.