Energy Stock Powers Up on Asset Sale

MEG Energy Corp. (TSX:MEG), an energy stock, climbed after announcing an asset sale to Wolf Midstream for C$1.61 billion

Sean Mason | February 8, 2018 | SmallCapPower

A billion-dollar asset transaction sparked a large price move for an energy stock Thursday. Here’s some small stocks making big moves on Thursday, February 8, 2018 (as of 4 pm EST):

MEG Energy Corp. (TSX:MEG), an energy stock, surged 13% to $5.65 on Thursday after announcing that it has entered into an agreement with Wolf Midstream for the sale of the Company’s 50% interest in Access Pipeline and 100% interest in Stonefell Terminal for C$1.61 billion.

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As well, shares of Just Energy Group, Inc. (TSX:JE) jumped 14% to $5.80 as the retail energy provider said it delivered a 79% year-over-year improvement in its base funds from operations during the third quarter.

King’s Bay Resources Corporation (TSXV:KBG), meanwhile, reported that despite some encouraging results from its Lynx Lake Copper-Cobalt Property, it is considering business opportunities within the cannabis sector. King’s Bay Resources stock moved up 24% to $0.105 following the announcement.

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

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