June 29–Late Monday, Tulsa-based Rose Rock Midstream said it struck a $300 million deal that gives the partnership a 100 percent interest in SemCrude Pipeline and indirect ownership of a 51 percent interest in White Cliffs Pipeline.
Early Tuesday, Rose Rock Midstream announced it had closed a transaction to acquire crude oil trucking assets from a subsidiary of Chesapeake Energy Corp.
When the market opened Wednesday, RRMS jumped. At week’s end, the price of units had climbed 9.8 percent and set a new 52-week high Friday.
A rosy week for owners of this eagle, indeed.
Beagle
This week’s beagle took a small tap on the nose from owners.
Shares of Tulsa-based Matrix Service Co. slid 6.8 percent to close Friday at $33.22. The week’s activity wasn’t alarming, and MTRX remains within shouting distance (about $5) of its 52-week high and way above its 52-week low.
In writing this column, I found two recent stories about Matrix posted online. The first carried the optimistic headline: “Will Matrix Service Continue to Surge Higher?” followed by the more pessimistic “Can Matrix Service Company Keep the Earnings Streak Alive This Quarter?”
Under those headlines, the stories, distributed by Zacks, were identical.
I doubt that either moved the price much. But it is an instructive example of why you need to perform your own due diligence. Sometimes you know more than people paid to write about a stock (and that includes me).
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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