Eagle & Beagle
Our hometown eagle this week is accustomed to change.
Last week, the change was an 8.7 percent gain in its stock price.
Just a few weeks ago, our own Jay Marks wrote that Oklahoma City-based PostRock Energy was continuing a metamorphosis — to a greater emphasis on crude oil, and away from front-office shenanigans that landed a couple of former executives in the gray-bar hotel several years ago.
The firm has established new credit lines, attracted investment and settled some debts.
Shares of PSTR closed Friday at $1.99. Doesn't that sound like the stock's on sale?
Our beagle looks like it's been sentenced to the doghouse.
For the second straight week, Oklahoma City-based GMX Resources was the worst-performing state-based stock. But this past week surely left our friends at GMXR with hangdog expressions.
Shares of the stock plummeted 49.6 percent, closing at $2.50. A week earlier, the shares tumbled 29 percent.
The company last week provided an update on reserves and liquidity — and the news wasn't good on the liquidity front.
GMX management plans to hire a financial adviser to explore funding alternatives, “including a potential restructuring of the company's balance sheet in light of its current liquidity and cash needs.”
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.