May 10, 2018
One of the newest stocks on the NYSE is a Houston-area energy company called Apergy Energy, a combination of the words “apex” and “energy.”
The oil field equipment and technology company spun off on Wednesday from Dover Corporation, uses the symbol “APY” and is made up of Dover Artificial Lift, Dover Energy Automation and US Synthetic.
Artificial lift is Apegy’s top service, specifically below-the-surface electrical submersible pumping.
Dover is getting a single cash payment of about $700 million from Apergy as part of the spinoff deal.
Dover stockholders consider the new company a win-win: When the oil downturn put considerable downside pressure on Dover’s stock, investors clamored for the volatile oil services businesses to form a stand-alone company, which is now Apergy.
Dover’s stock price is now expected to be more stable, and Apergy will gain independence to allow for more intense upstream competition with bigger companies like Schlumberger.
The company is based in The Woodlands.