Natural resources company Forestar Group Inc (NYSE:FOR) reported that it would acquire CREDO Petroleum Corporation (NASDAQ:CRED) for $146 million in cash, over doubling its proven oil and natural gas reserves forecasts.
The main part of Forestar’s revenue comes from lease bonus payments and oil and gas royalties from more than 470 producing wells owned and operated by third parties in Texas and Louisiana.
The purchase agreement will offer Forestar ownership in numerous oil and gas formations comprising the Bakken and Three Forks.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Linn Energy, LLC (NASDAQ:LINE) increased +1.47% to settle at $36.50, Chesapeake Energy Corporation (NYSE:CHK) moved up +7.12% to end at $18.21 while Panhandle Oil and Gas Inc. (NYSE:PHX) jumped +4.56% to finish on Wednesday at $27.49.
CREDO Petroleum Corporation (NASDAQ:CRED) last session volume of 547,076.00 shares was surprisingly higher than its average volume of 81,830.00 shares. The stock after opening at $14.36 hit high price of $14.40 and then closed at $14.35 by scoring -0.21%.
The liquidity measure in recent quarter results of the company was recorded 1.35 as current ratio and on the other side the debt to equity ratio was 0.00 and long-term debt to equity ratio also remained 0.00. The Company had total cash at hand $2.16 million and a book value per share as $5.07 in the most recent quarter.
The stock price volatility was 2.66% for a week and 3.21% for a month as well as price volatility’s Average True Range for 14 days was 0.54 and its beta remained 0.76.
CRED generated revenue of 19.34 million in the following twelve months and earned $4.39 million. The Company showed a negative +22.70% in the net profit margin and as well as in its operating margin which remained +31.34%. Company’s annual sales growth for the past five year was 0.81%.
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