Newfield Exploration Was the S&P 500’s Top Gainer on August 4
The top gainers in the S&P 500 on August 4, 2017, were:
- Newfield Exploration (NFX) rose 5.5%.
- CF Industries Holdings (CF) rose 4.9%.
- Tripadvisor (TRIP) rose 4.5%.
- Devon Energy (DVN) rose 4.3%.
- Macerich (MAC) rose 4.3%.
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Newfield Exploration, which explores and produces petroleum, natural gas, and natural gas liquids, was the S&P 500’s top gainer on Friday. After falling for three consecutive trading days, Newfield Exploration rose as crude oil prices regained strength on Friday.
Crude oil prices moved lower on August 3 amid signs of a production increase from OPEC producers. According to recent reports, OPEC’s crude oil output rose by 90,000 bpd (barrels per day) in July and reached 33 million bpd—the highest level in 2017. However, crude oil regained strength on Friday amid a drop in the oil rig count and improved market sentiment—it boosted companies in the energy sector on Friday. The S&P 500 Energy Sector Index rose 0.35% on Friday amid a recovery in crude oil prices.
Newfield Exploration lost strength after the release of the weaker-than-expected 2Q17 earnings report at the beginning of the week but recovered some losses in Friday’s rally. Newfield Exploration reported higher earnings and revenue than last year but missed the market’s expectations. According to the report, the adjusted 2Q17 earnings were $0.43 per share, which is below the market’s forecast of $0.44 per share. In 2Q16, the reported earnings per share was $0.32 per share. On the other hand, the revenues improved from $381 million a year ago to $402 million in 2Q17.
On Friday, Newfield Exploration rose 8.9% to $27.83—the highest close in three days.
In the next part, we’ll discuss the S&P 500’s bottom performers on August 4.