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.
Our beagle this week appeared to suffer a slow malaise brought on by disappointing earnings.
Tulsa-based Apco Oil & Gas International reported May 8 that its quarterly profits fell about two-thirds due to lower operating revenues, higher operating costs and expenses, and lower equity income. The results also were hit by a 23 percent devaluation of the peso in Argentina, where it operates.
APAGF shares slipped 9.2 percent last week, closing Friday at $13.56.
Apco shares generally trade thinly, at least in part because most of the stock is held by its parent company WPX Energy. However, Tulsa-based WPX has been trying to reduce its nearly 70 percent equity interest in Apco.
Although the volume last week wasn’t remarkable, someone apparently was selling.
Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.