Eagle & Beagle, March 17
Eagle & Beagle is a weekly look at Oklahoma's high-performing and low-performing stocks by Business Editor Don Mecoy.
Eagle & Beagle
A big announcement produced a big push in the stock price of this week's eagle.
Oklahoma City-based OGE Inc. on Thursday disclosed that its Enogex subsidiary would form a partnership with Houston-based CenterPoint Energy to manage the companies' pipeline business.
On Wall Street, where traders talk with their wallets, it was an instant hit. OGE shares jumped 12.7 percent to end the week at $67.63, a five-year closing high. That's a remarkable spike for a utility stock, an issue that typically trades in a narrow range.
Although the site of the new firm's headquarters hasn't been announced, company officials said many jobs will remain in Oklahoma.
It was a another strong week for stocks, with the Dow Jones industrial average ran to all-time highs before a small dip on Friday snapped a 10-day winning streak.
That was reflected in the generally broad gains by Oklahoma-based companies. Our biggest outlier was Oklahoma City-based energy company Blueknight Partners, which last week reported a 30 percent drop in its fourth-quarter profits.
BKEP shares dipped 5.9 percent during the week to close at $8.23.
It's worth noting that last week's decline came on the heels of a 13.6 percent gain in the previous week, so buy-and-hold investors remain firmly in profitable territory.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.
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