ATP Oil & Gas (NASDAQ:ATPG) Starts Legal Battle with US Government over Offshore-Drilling Halt; Stock Climbs – ATPG, EPL, SGY, MCF

The Houston-based ATP Oil & Gas Corporation (NASDAQ:ATPG) moved up to the record high in over 3 years after the corporation took legal action against the United States government for above $68 million in charges for halting offshore drilling following the 2010 Gulf of Mexico oil spill.

ATP reported in a lawsuit filed on Friday in the United States Court of Federal Claims in Washington that the government offensively and unlawfully halted all offshore drilling and illegally postponed the issuance of permits once the bar was lifted.

The company reported in the complaint that ATP has incurred major financing costs to get working capital to return revenue ATP lost from postponed production.

Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Energy Partners, Ltd. (NYSE:EPL) increased +6.90% to settle at $17.50, Stone Energy Corporation (NYSE:SGY) moved up +2.91% to end at $24.75 while Contango Oil & Gas Company (NYSEAMEX:MCF) surged +2.91% to finish on Friday at $56.67.

ATP Oil & Gas Corporation (NASDAQ:ATPG) last session volume of 12.81 million shares was surprisingly higher than its average volume of 1.74 million shares. The stock after opening at $4.10 hit high price of $6.16 and then closed at $5.23 by scoring +29.78%.

The liquidity measure in recent quarter results of the company was recorded 0.56 as current ratio and on the other side the debt to equity ratio was 58.58 and long-term debt to equity ratio also remained 57.58. The Company had total cash at hand $224.74 million and a book value per share as -$4.95 in the most recent quarter.

The stock price volatility was 11.46% for a week and 20.06% for a month as well as price volatility’s Average True Range for 14 days was 0.62 and its beta remained 2.86.

ATPG generated revenue of 667.32 million in the following twelve months and earned -$236.01 million. The Company showed a negative -27.51% in the net profit margin and as well as in its operating margin which remained 21.58%. Company’s annual sales growth for the past five year was 10.36%.

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