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.
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