Shares

Despite early declines across most of the market last Monday, Range Resources shares were on the rise following news that the company expects to “substantially exceed its production and reserve targets for the year” because of drilling and acquisition results to date.

Despite early declines across most of the market Monday, Range Resources shares were on the rise following news that the company expects to “substantially exceed its production and reserve targets for the year” because of drilling and acquisition results to date.

Falcon Natural Gas Corp. (FNGC) shares gained a penny Thursday to end the day at $1.25 after a geological consulting firm concluded that its gas prospect in South Texas “will most likely be the next giant field discovered in the United States.” However, the company has not even done any exploration on field and provided few details to back up that statement.

Tulsa, OK-based Vintage Petroleum shares were down slightly Tuesday to $14.21 after the company announced that it might sell its Canadian reserves and exploration and production operations, which have provided disappointing returns. Vintage purchased the assets in 2001 through its acquisition of 100% of Genesis Exploration Ltd. The Canadian proved reserves at year-end 2003 represented about 3% its total proved reserves or about 13 MMboe.

Unable to find a partner with liquidity and stature to boost its own, Dynegy Inc. on Wednesday redrew its entire business plan with the news that it would close its marketing and trading unit in the United States, Canada and Europe. The restructuring, which includes the loss of long-time COO Steve Bergstrom, changes the former market-maker into a more conservative entity, with four autonomous business units: power generation, natural gas liquids, regulated energy delivery and communication.

After trading above $32/share on Tuesday, shares of Black Hills Corp. gapped lower Wednesday morning and ended the week near $28 after the company warned investors to expect sharply lower than expected net income from continuing operations in the fourth quarter. Fourth quarter income is expected to be in the range of 25-30 cents/share, compared to 54 cents/share in fourth quarter 2002 and analysts’ expectations of 55 cents/share.

Questar Corp. shares (STR) rose nearly 2% Wednesday morning to $32.02 at noon after the company raised its earnings guidance for the year and reported a 23% increase in net income to $28.7 million, or 34/cents per diluted share, for third-quarter on much higher realized gas prices.

Williams Companies shares jumped 5% last Tuesday and ended the week up 11% at $9.86/share after Merrill Lynch analysts Steve Fleischman and Sam Brothwell resumed coverage of the company with a “Buy” rating and a $12/share 12-month price target.

Williams Companies shares jumped 5% to $9.42/share Tuesday after Merrill Lynch analysts Steve Fleischman and Sam Brothwell resumed coverage of the company with a “Buy” rating and a $12/share 12-month price target.