This week’s top-performing state-based stock still has that new share smell.
Not even a month old, the shares of Enable Midstream Partners LP make their second eagle flight in three weeks.
Enable, a pipeline firm formed last year by a union of assets from OGE Energy Corp. and Houston-based CenterPoint Energy Inc., began trading April 11 on the New York Stock Exchange.
ENBL jumped 8.1 percent last week, and has registered gains at the end of each of its first three weeks of trading. The stock, issued at $20, closed Friday at $24.58.
Perhaps the Oklahoma City energy company (current market cap north of $10 billion) left a little money on the table at its going-public party, but even those who arrived fashionably late are benefiting from the market interest.
Taking a rolled-up newspaper to this week’s beagle would be adding insult to injury.
Wall Street dealt an 11.2 percent smacking to Pryor-based Orchids Paper Products Co., with the biggest blow coming after the firm issued earnings midweek. The swoon was accompanied by heavier-than-average trading in TIS shares.
The stock closed Friday at $26.79 after trading last week below $26 for the first time in nearly 10 months.
Back to those earnings. While sales were up, profits were down 15 percent, with some of the blame attributed to material prices and the expiration of a tax benefit.
TIS a shame.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.