Forest Oil Corporation (NYSE:FST), whose shares price fell over 50% since January, replaced Chief Executive officer H. Craig Clark on Friday with a long-time board member Patrick McDonald.
Patrick McDonald, a director at the company since 2004, takes the CEO post immediately. Clark had been Chief Executive Officer since 2003.
A spokesperson for independent oil and natural gas producer Forest Oil refused to comment on the reason for Clark’s quit.
Chairman for Forest Oil James Lightner stated in a statement that the key priority for McDonald, who served the energy industry for over 25 years, would be to personally involve himself in the corporation’s growth into the oil-rich Eagle Ford shale expansion in Texas.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Abraxas Petroleum Corp. (NASDAQ:AXAS) fell +0.83% to settle at $3.03, HKN, Inc. (NYSEAMEX:HKN) moved up +1.27% to end at $2.40 while Chesapeake Energy Corporation (NYSE:CHK) jumped +2.70% to finish on Friday at $18.61.
Forest Oil Corporation (NYSE:FST) last session volume of 27.37 million shares was higher than its average volume of 4.34 million shares. The stock after opening at $6.66 hit high price of $7.16 and then closed at $6.96 by scoring +7.74%.
FST generated revenue of 696.63 million in the following twelve months and earned $68.48 million. The Company showed a negative 10.84% in the net profit margin and as well as in its operating margin which remained 23.84%. Company’s annual sales growth for the past five year was -2.99%.
The FST past twelve months price to sales ratio was 1.18 and price to cash ratio remained 931.45. As far as the returns are concern, the FST return on equity was recorded as 5.33% and increased 2.38% return on investment while its return on asset stayed at 2.03%.
The stock showed weekly downbeat performance of -4.53% which was maintained for the month at -18.21%. Likewise the negative performance for the quarter was recorded as -44.94% and for the year was -73.63% while the YTD performance remained at -48.63%.
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