MEG Energy Corp. (TSX:MEG), an energy stock, climbed after announcing an asset sale to Wolf Midstream for C$1.61 billion.
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, Feb. 8, 2018 (as of 4 pm EST):
MEG Energy Corp (TO: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.
As well, shares of Just Energy Group Inc. (TO: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 Gold Corporation (V: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.