Willbros Group Inc (NYSE:WG) share prices jumped 22.39% to $3.17 after the stock enjoyed higher than usual trading volume in the past few days.
Willbros Group Inc (NYSE:WG) is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. It focuses on construction, maintenance and facilities development services primarily in the United States and Canada.
On Tuesday, the company’s stock gained 1.97% to a closing price of $2.59, with 684,182 shares trading hands over the course of the day on 3,457 trades, significantly higher than the average trading volume of 280,263 shares a day. The following day, Willbros Group Inc (NYSE:WG) posted stronger gains as 1.16 million shares traded hands on 4,012 trades.
The company is scheduled to print its financial earnings report on May 3 but it was present at the Burkenroad Investment Conference in April 22. Analysts are expecting to see -$0.05 earnings per share for the first quarter, compared to the average EPS last year of -$1.49. For next year, earnings per share could be up at $0.07.
The stock has traded between $0.68 to $3.43 in the past 52 weeks, which means that it’s already nearing the top of its range. Energy shares and stocks of companies in related industries have been particularly volatile in the past few weeks, as investors are digesting the recent acquisitions and bankruptcies. In addition, members of the OPEC aren’t set to convene again until June so a lot of speculation is driving price action at this point.
WTI crude oil appears to have bottomed out in late March at $26/barrel and has since advanced to $45/barrel even though major oil producers have refrained from capping or cutting output levels. Sustained gains for this commodity could spur longer-term stock gains for Willbros Group while another slump could trigger another round of declines. Profit-taking around the top of this stock’s yearly range could also spur a quick drop.
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