Energy Sector Shares Take a Hit as Sheridan Energy Sees a 38.7% Boost

Strategic Insights -

Last week, energy-sector shares took a hit as the Oil Daily 30 Composite fell 4.22%, while the Dow Jones Industrial Average slipped 0.09%. Amidst the decline, natural gas exploration and production company Sheridan Energy Inc. saw its stock climb 38.7% to $5.37. The boost is attributed to the company's recent announcement that California-based Calpine Corp. agreed to buy it in a cash tender offer worth $41 million, or $5.50/share, expected to be completed in September.

Key Takeaways:

  • Sheridan Energy Inc.'s stock climbed 38.7% to $5.37, making it the top stock winner for the week.
  • The company's sale to Calpine Corp. for $41 million, or $5.50/share, is expected to be completed in September.
  • Connecticut-based Energy Research Corp. saw its stock jump 30.6% to $23.50, driven by its partnership with Bath Iron Works to develop an advanced carbonate-based fuel cell energy plant for defense marine applications.
  • Georgia Gulf Corp. saw its stock rise 12.7% to $16.69, its fourth-largest gain of the week, despite being off its 52-week high of $19.69.
  • Metrogas S.A.'s American depository shares (ADS) rose 9.9% to $9.06, just shy of its 52-week high of $9.37.
  • Houston-based Howell Corp.'s stock advanced 9.6% to $6.43, off its 52-week high of $7.813.
  • Chaparral Resources Inc. saw its shares slip 29.1% to $18.25, its second decline in as many weeks.
  • Lyondell Chemical Co. saw its stock fall 17.2% to $15, mainly due to the company's expectation of missing third-quarter earnings estimates due to rising oil prices.
  • Petroleum Geo-Services ASA's ADSs dropped 14% to $19.93, off its 52-week high of $24.375.
  • Horizon Offshore Inc. saw its shares fall 13.3% to $7.75.
  • Tom Brown Inc. saw its stock fall 12.6% to $16.28.

Statistics:

  • The Oil Daily 30 Composite fell 4.22% last week.
  • The Dow Jones Industrial Average slipped 0.09% last week.
  • Crude oil prices dipped 38 cents to $21.27/bbl.
  • Sheridan Energy Inc.'s stock gained 38.7% to $5.37.
  • Energy Research Corp.'s stock jumped 30.6% to $23.50.
  • Georgia Gulf Corp.'s stock rose 12.7% to $16.69.
  • Metrogas S.A.'s American depository shares (ADS) rose 9.9% to $9.06.
  • Howell Corp.'s stock advanced 9.6% to $6.43.
  • Chaparral Resources Inc.'s shares slipped 29.1% to $18.25.
  • Lyondell Chemical Co.'s stock fell 17.2% to $15.
  • Petroleum Geo-Services ASA's ADSs dropped 14% to $19.93.
  • Horizon Offshore Inc.'s shares fell 13.3% to $7.75.
  • Tom Brown Inc.'s stock fell 12.6% to $16.28.

Sources:

  • The Wall Street Journal
  • The Oil Daily 30 Composite
  • Energy Research Corp.
  • Calpine Corp.
  • Sheridan Energy Inc.
  • Georgia Gulf Corp.
  • Metrogas S.A.
  • Howell Corp.
  • Chaparral Resources Inc.
  • Lyondell Chemical Co.
  • Petroleum Geo-Services ASA
  • Horizon Offshore Inc.
  • Tom Brown Inc.