Energy Services Stock Surges on Big-Name Investment

Just Energy Group Inc. (TSX:JE), a consumer energy services stock, charged higher after PIMCO took a big stake in the Company

Sean Mason | October 9, 2020 | SmallCapPower

An energy services stock powered higher Friday following an investment from PIMCO. Here’s some small stocks making big moves on Friday, October 9, 2020 (as of 4 pm EST):

Just Energy Group Inc. (TSX:JE), a consumer energy services stock, climbed 15% to $8.46 on Friday after Pacific Investment Management Company (PIMCO) disclosed a 28.9% stake in the Company.

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As well, shares of MTY Food Group Inc. (TSX:MTY) shot up 16% to $43.20 as the fast-food restaurant franchisor said its Q3 net profit was $22.9 million, unchanged from a year ago, even as revenue for the period fell 16% to $135.4 million due to the impact of COVID-19.

Alcanna Inc. (TSX:CLIQ), meanwhile, reported that it has agreed to sell eight convenience-format liquor stores on Vancouver Island, British Columbia for a total consideration of $21.1 million. The Company also said it anticipates its same-store liquor sales for the three months ended September 30, 2020 will be approximately 15% higher than the same period a year ago. Alcanna stock moved up 3% to $5.10 following the announcement.

Finally, Power Group Projects Corp. (TSXV:PGP) shares gained 100% to $0.08 after the company announced that it has entered into a binding letter of intent to acquire the Muddy Gullies platinum and palladium project in Newfoundland, in consideration for 12.9 million PGP common shares.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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