Trucker to buy back 600,000 shares
P.A.M. Transportation Services Inc. has been authorized by its board of directors to repurchase 600,000 shares of stock.
Stockholders can sell their shares back to the Tontitown-based trucking firm for a price no lower than $19 per share and no higher than $21 per share, the company announced on Monday. P.A.M. will evaluate the preferred selling price from shareholders until Dec. 30 and then settle on an amount.
P.A.M., ranked No. 65 on the list of the largest for-hire carriers by Transport Topics, reported earnings of $2.39 million for the third quarter of 2013, a 171 percent year-over-year increase.
Shares of P.A.M. stock ended Monday trading at $19.99 and traded between $18.08 and $20 per share.
-Chris Bahn
Natural gas focus of forum Thursday
The Arkansas Energy Office and the Arkansas Oil Marketer’s Association are holding a conference Thursday to discuss the use of compressed natural gas in the state, according to the state agency’s website.
The conference is from 8 a.m. to 4 p.m. at the North Little Rock Hilton Garden Inn, at 4100 Glover Lane in North Little Rock, off of East McCain Boulevard.
The conference will focus on information about compressed natural gas fuels in vehicles and the use of such vehicles in public transportation, the website states.
- Jessica Seaman
State index up 0.02; 4 hit 52-week highs
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.02 to 328.73 Monday.
“While Monday’s economic data releases were largely positive, the major averages ended near their worst levels of the day as some investors pulled funds out of the market and exercised caution ahead of Friday’s closely watched jobs report,” said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc.
Williams said shares of P.A.M. Transportation Services Inc, Arkansas Best Corp., Murphy Oil Corp.
and Bank of the Ozarks Inc. hit new 52-week highs.
P.A.M. Transportation Services shares gained 7.4 percent to close at $19.99 after an intraday high of $20.
Arkansas Best Corp.
shares rose 3.4 percent to close at $33.63 after an intraday high of $34.11.
Murphy Oil shares reached an intraday high of $66.20 and closed at $65.12. Bank of the Ozarks hit an intraday high of $56.43 and closed at $56.14.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 25 on 12/03/2013