Pike Electric (NYSE: PIKE ) has seen a shift in minority ownership following the completion of a secondary public offering of the company's common stock. Eight million shares formerly held by private equity firm Lindsay Goldberg were sold in the issue, at a price of $11.50 apiece. Also, the offering's underwriters exercised their option to buy just over 1 million additional shares from the seller.
In the press release announcing the news, Pike Electric stressed that it will receive no proceeds from the issue, as it was not the selling party.
The company also announced that it repurchased $40 million worth of its own stock from the selling shareholder. That equates to more than 3.66 million shares, for which the company paid $10.925 apiece. The company has subsequently cancelled those shares.
Best Gold Stocks To Own Right Now: EQT Corporation(EQT)
EQT Corporation, together with its subsidiaries, operates as an integrated energy company in the United States. It operates in three segments: EQT Production, EQT Midstream, and Distribution. The EQT Production segment engages in the exploration, development, and production of natural gas, natural gas liquids, and crude oil in the Appalachian Basin. This segment?s properties are located primarily in Kentucky, West Virginia, Virginia, and Pennsylvania. As of December 31, 2010, it had 5.2 trillion cubic feet of proved reserves across 3.5 million acres. The EQT Midstream segment provides gathering, processing, transmission, and storage services for the independent third parties in the Appalachian Basin. It has approximately 10,900 miles of gathering lines and 770 miles of transmission lines. The Distribution segment distributes and sells natural gas to residential, commercial, and industrial customers in southwestern Pennsylvania, West Virginia, and eastern Kentucky. It also operates a gathering system in Pennsylvania; and purchases and delivers gas to customers. This segment serves approximately 276,500 customers consisting of 257,900 residential customers, and 18,600 commercial and industrial customers. The company was formerly known as Equitable Resources, Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1925 and is headquartered in Pittsburgh, Pennsylvania.Advisors' Opinion:
- [By Louis Navellier]
EQT Corp. (NYSE:EQT) was formerly known as Equitable Resources, Inc. and is a natural gas producer in the Appalachian Basin. Potential investors might be nervous to buy in this market, but EQT is a standout buy, up 40% in 2011.
Best Gold Stocks To Own Right Now: Caldwell Partners International(CWL.TO)
The Caldwell Partners International Inc., together with its subsidiaries, provides executive search consulting services in Canada and the United States. It offers consulting advice on the identification, evaluation, assessment, and recommendation of qualified candidates for specific positions. The company provides board, executive, interim executive, and leadership search services. It also provides advisory and management assessment services in the areas of leadership assessment, team management and design, mergers and acquisition integration support, on-boarding, decision support, competitive intelligence, talent strategies and succession planning, compensation assessment, retention, governance, board recruitment, interim executives, and communications. In addition, the company offers strategic marketing planning services, such as research and analysis, media purchase, presentations, targeted sponsorship opportunities, and appointment notices. The Caldwell Partners Intern ational Inc. provides its services in the areas of business and professional, consumer products and services, energy and power, financial services, industrial products and services, life sciences and healthcare, natural resources, not-for-profit/public sector, technology and communications, venture capital and private equity, human resources, marketing, research and development, operations, sales, risk management, legal, real estate, and supply chain. The company was founded in 1962 and is headquartered in Toronto, Canada.
Hot Small Cap Stocks To Watch Right Now: Ultralife Corporation(ULBI)
Ultralife Corporation offers products and services ranging from portable and standby power solutions to communications and electronics systems. It operates through three segments: Battery & Energy Products; Communications Systems; and Energy Services. The Battery & Energy Products segment offers lithium 9-volt, cylindrical, and various other non-rechargeable batteries; and rechargeable batteries, uninterruptable power supplies, and accessories, such as cables. The Communications Systems segment provides power supplies, cable and connector assemblies, RF amplifiers, amplified speakers, equipment mounts, case equipment, integrated communication system kits, charging systems, and communications and electronics systems design. The Energy Services segment engages in the design, manufacture, installation, and maintenance of standby power and systems. The company offers its products under Ultralife Batteries, McDowell Research, RedBlack Communications, AMTI, Stationary Power Serv ices, U.S. Energy Systems, RPS Power Systems, and ABLE brands. It serves government, defense, and commercial customers internationally. Ultralife Corporation sells its products through original equipment manufacturers, industrial and retail distributors, and national retailers, as well as directly to U.S. and international defense departments. The company was formerly known as Ultralife Batteries, Inc. and changed its name to Ultralife Corporation in June 2008. Ultralife Corporation was founded in 1990 and is headquartered in Newark, New York.