Shares of GMX Resources, an Oklahoma City energy company, dipped 13.6 percent last week to land at 55 cents. While the percentage point decline looks big, the shares fell just 9 cents.
That low price prompted shareholders to recently approve a reverse stock split that could range from 1-for-5 to 1-for-13. Such a split would boost the price of each share, although the value apportioned to each shareholder would remain essentially stable.
Directors are expected to determine the details of the reverse split by the end of January.
Shareholders likely will be gratified just to see the price rise — even artificially — out of the realm of penny stocks.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Writer Don Mecoy.
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