Sometimes these weekly reviews of our state-based stocks provide an “aha” moment. This may be one of those times.
Our top-performing issue this week is making a repeat appearance in the eagle position. The price of Panhandle Oil & Gas shares jumped 11 percent last week, basically repeating its 10.9 percent gain from the previous week. It closed Friday at $45.50, after setting a new 52-week high of $48.20 earlier in the day.
It’s not entirely clear what has prompted PHX shares to gain more than $8 over the past 10 trading days. No groundbreaking news has emerged about the Oklahoma City-based firm that buys, manages and develops U.S. oil and gas properties.
Volume hasn’t been particularly high, which might signal a niche of traders buying into the firm. The energy sector didn’t perform particularly well last week.
Perhaps someone just thinks PHX is a bargain.
Prices were a bit volatile on Wall Street last week. Jitters about the Ukraine were blamed for Thursday’s big sell-off and Friday’s lackluster close. Losses in the overall market were reflected in our state-based stocks, which posted a 3-to-1 ratio of winners to losers.
Our beagle was AAON Inc., a Tulsa-based manufacturer of commercial heating and cooling units. AAON shares shed 9.7 percent to close Friday at $27.66.
The company late Thursday reported that fourth-quarter sales were down slightly, but quarterly profits were at a record high. AAON also posted record profits and sales for all of 2013.
CEO Norman H. Asbjornson offered a rosy forecast for 2014, while touting the company’s clean balance sheet and strong backlog of orders. It’s telling to note that the only day the stock price rose was the day after those earnings were disclosed.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.