Energy stocks that outperformed
Last week, oilfield services and equipment stock Tidewater (TDW) rose the most among the energy stocks that made up the Alerian MLP ETF (AMLP), the VanEck Vectors Oil Services ETF (OIH), the Energy Select Sector SPDR ETF (XLE), and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).
The list of stocks also includes a few foreign-based integrated energy companies that are listed in the United States.
On July 13, 2017, Tidewater announced that the United States Bankruptcy Court for the District of Delaware had given it the green light to implement its plan to restructure the company’s balance sheet. On the same day, its stock rose 7.4%.
Other oilfield services and equipment stocks Weatherford International (WFT), Noble Corporation (NE), and Superior Energy Services (SPN) ranked second, third, and fifth, respectively, among the list of top gainers in the week. As we discussed in the previous article, OIH was the outperformer among energy subsector ETFs.
On July 13, 2017, Noble Corporation announced that it would declare its 2Q17 earnings results on August 3, 2017. On July 13, NE stock rose 4.9%. Wall Street expects NE to see earnings of -$0.33 per share in 2Q17.
Upstream stock SM Energy Company (SM) was the fourth-largest gainer among our list of energy stocks in the week ended July 14, 2017. On July 12, SM Energy announced that it would be declaring its 2Q17 earnings results on August 3, 2017.
XOP was the second-largest gainer after OIH in the week ended July 14, 2017.