Eagle & Beagle
It was the worst week of the year for the Dow. Oil fell below $100 a barrel for the first time since February, and natural gas prices, while up 4 percent last week, remain historically low.
In other words, it wasn't a great week on Wall Street for energy companies, which includes most of Oklahoma's publicly traded firms.
That makes our eagle's modest weekly gain a little more impressive. PostRock Energy Corp., a modestly traded Oklahoma City business, posted a 6.3 percent gain over the past five days. That represented just a 14-cent gain, boosting the stock to a closing price of $2.36.
Meanwhile, this should be a busy week for the firm, which has a shareholders' meeting and earning call scheduled in the coming days.
What does the fact that Argentina's president seized the country's biggest energy company from a Spanish firm have to do with the stock price of a Tulsa-based business?
Perhaps a lot. Apco Oil & Gas (formerly called Apco Argentina) is active in that South American country. Sentiment about the stock of Apco, mostly owned by Tulsa-based WPX Energy Inc., may have gotten swept up in that international event.
WPX CEO Ralph A. Hill, in a conference call last week with analysts, sought to play down the impact of the seized company on Apco, while noting that WPX's investment in the company is minimal.
“Our opinion and the industry's opinion is that this dispute is between the Argentine government and Repsol (the Spanish company) and it's not with the entire energy industry in Argentina,” Hill said.
Nevertheless, APAGF shares plummeted 25 percent last week, closing at $31.67. The stock has lost half its value in the past month.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Writer Don Mecoy.