Some interesting timing around recent price moves for this week’s top-performing Oklahoma-based stock.
Shares of Panhandle Oil & Gas Inc. earned eagle status on their impressive 17.1 percent price jump over the past five days. The stock also posted a lesser but solid gain the previous week, during which Panhandle announced a big boost in revenue and earnings that topped analysts’ expectations.
But the stock really took off Tuesday, when more than 100,000 shares of OKC-based PHX were traded, about four times the average daily volume and double the trading pace of any day in the past year. Two days later, Panhandle announced an $80 million deal to pick up assets in the oil-rich Eagle Ford play in Texas.
The shares set a new 52-week high of $57.30 on Tuesday before closing Friday at $54.31.
Some savvy traders were either late on the earnings enthusiasm, or early on the Eagle Ford news.
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