MARKET ACITIVITY/TRADING NOTES FOR DAY ENDING MONDAY, APRIL 6, 1998 (6)
MARKET ACTIVITY
In the U.S., St. Mary Land & Exploration (MARY) tumbled 6 5/16 to 32 3/4 after the company released disappointing drilling results at a gas find in Atchafalaya Bay. A.G. Edwards lowered its rating on the stock to "maintain" from "accumulate."
St. Mary Land was clearly the worst performer, but other oil drilling and services stocks were weak on the session, sending the Philadelphia Oil Service Index (OSX) down 1.66 to 110.70.
Cooper Cameron (RON), Smith International (SII), and Camco International (CAM) all fell more than $1.
Among oil producers, Dow component Chevron (CHV) slid 1 15/16 to 80 to lead the AMEX Oil Index (XOI) down 2.91 to 480.81.
The Toronto Stock Exchange 300 Composite Index gained 0.4% or 33.08 to 7645.81.
In comparison, the TSE Oil & Gas Composite Index gained 0.2% or 14.41 to 6699.80. Among sub-components, the Integrated Oil's gained 0.0% or 1.20 to 8925.32. The Oil & Gas Producers gained 0.2% or 12.94 to 5899.89 and the Oil & Gas Services rose 0.8% or 24.44 to 3187.07.
Abacan Resources, Archer Resources, Cypress Energy, Gulf Canada Resources, Beau Canada Exploration, Probe Exploration, Petro-Canada, Highridge Exploration and Poco Petroleums were among the top 50 most active traded issues on the TSE.
Paramount Resources gained $0.75 to $15.50 and Remington Energy $0.75 to $17.00.
Percentage gainers included K2 Energy 12.2% to $2.94, Compton Petroleum 8.6% to $1.65, Canadian Conquest Exploration 7.5% to $1.15, and Black Sea Energy 7.1% to $1.50.
On the downside, Imperial Oil fell $1.35 to $78.70, Seven Seas Petroleum $1.3 to $23.50 and PanCanadian Petroleum $0.50 to $22.50.
Percentage losers included Kappa Energy 15.0% to $0.85, Optima Petroleum 10.0% to $1.62, Founders Energy 8.0% to $0.92, Triumph Energy 5.4% to $2.65, Seven Seas Petroleum 5.2% to $23.50, Bellator Exploration 4.9% to $0.98, Maxx Petroleum 4.5% to $1.71 and Bow Valley Energy 3.8% to $1.25.
There weren't any service sector companies listed among te top 50 most active on the TSE.
Shaw Industries A gained $1.00 to $49.50 and Enerflex Systems $0.70 to $42.00.
Inter-Tech Drilling gained 10.7% to $1.55.
On the downside, ATCO I fell $0.60 to $35.55.
No percentage losers.
Over on the Alberta Stock Exchange, HEGCO Canada, BXL Energy, AltaPacific Capital, Bearcat Explorations, Gold Star Energy, First Star Energy, Sheer Energy, EMR Microwave, Canex Energy and Oxbow Exploration were among the top 25 most active traded issues on the exchange.
Moxie Petroleum gained $0.34 to $1.70, Canop Worldwide $0.25 to $0.75, Derrick Energy $0.18 to $1.48, HEGCO Canada $0.18 to $2.94, Hyduke Capital Reources $0.15 to $2.25, Ionic Energy $0.15 to $1.60, Telford Resources $0.13 to $0.98 and AltaQuest Energy $0.11 to $3.10.
On the downside, Kensington Energy fell $0.20 to $0.50, Destiny Resource Services $0.15 to $3.10, Airgen A $0.10 to $0.44, Crispin Energy $0.10 to $0.16, Doreal energy $0.10 to $1.20, Niko Resources $0.10 to $5.90 and Peregrine Oil & Gas $0.10 to $0.60.
RESEARCH NOTES
Prudential Securities
Prudential Securities said on Monday it raised its rating on shares of Cabot Oil & Gas (COG) and Lomak Petroleum Corp (LOM).
-- Cabot raised to buy from hold and Lomak raised to hold from sell.
-- No further information was immediately available.
-- Shares of Cabot were up 10/16 at 23-5/16 and shares of Lomak were up 1/16 to 16-1/2.
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