Our eagle had a busy week.
Tulsa-based firm NGL Energy Partners LP reported a net loss of $174 million for the quarter ending Sept. 30. Much of that loss came from a $117 million goodwill impairment charge.
The firm then announced that it had agreed to sell part of its retail propane business for $200 million in cash.
Finally, the company disclosed that it will sell half of its interest in the Glass Mountain Pipeline for $300 million.
Traders weren't idle either when it came to NGL units.
Those units grew 14.4 percent last week before closing Friday at $12.70. On Friday, the stock price briefly topped $13, a level it hasn't reached since
Our local laggard also made some news last week.
Oklahoma City's Panhandle Oil and Gas
Inc. announced that its proved reserves jumped 36 percent in the year ending Sept. 30. The company's directors also approved a quarterly 4-cent dividend for shareholders.
However, Panhandle also filed a shelf registration statement with the Securities and Exchange Commission. That is not bad news. Once declared effective by regulators, Panhandle would have the ability to issue securities, including common stock, up to an aggregate amount of $75 million.
That gives the company more financial flexibility. Panhandle CEO
Paul Blanchard said the company currently has no plans to issue securities.
But just the thought of more stock going out into the market can affect prices. Each new share of stock slightly dilutes the stake of each investor.
Perhaps that's why PHX shares fell 7 percent last week, closing at $22.15.
Eagle & Beagle is a weekly look at the state's highperforming (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.