Shares of Lufkin Industries Inc. (LUFK) rose about 40 percent in last trading session following General Electric Co. (NYSE:GE) decided to purchase the firm for $3.3B in cash. Shareholders of Lufkin, which creates technology that assists bring oil and gas to the surface, will get $88.50 in cash for each Lufkin share.
The president and CEO of GE Oil & Gas, in a press release, Daniel C. Heintzelman stated that Advanced technologies, mutual with new drilling practices, are revolutionizing the oil and gas industry. The contract is anticipated to close in the second half of 2013.
Moving readers toward the broader market, let’s consider percentage change in stocks prices of other stocks in the similar sector who contribute major role in the market that includes Weatherford International Ltd (NYSE:WFT) rose +3.74%, Halliburton Company (NYSE:HAL) edged down -0.49%, Schlumberger Limited. (NYSE:SLB) which also increased +0.82% and National-Oilwell Varco, Inc. (NYSE:NOV) closed up +0.31%.
Lufkin Industries, Inc. (NASDAQ:LUFK) stock’s trade at beginning with a price of $87.91 and throughout the trading session climbed at a high of $87.91 other than when day-trade ended the stock finally advanced +37.59% to $87.96.
The stock is going forward its 52 week low with 96.31% and looking forward from its 52 week high price with 10.85%. LUFK last month stock price volatility remained 2.46%.
LUFK stock insider ownership remained 0.51%. In its share capital LUFK has 33.72 million outstanding shares among them 32.84 million shares have been floated in market exchange.
Company’s beta coefficient included 1.38. Beta factors measures the amount of market risk associated with market trade.
Disclaimer: Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Entire Disclaimer Here