Basic Energy Services gaining the most
So far this week (starting September 18, 2017), Basic Energy Services (BAS) is at the top of our list of gainers in the oilfield services group. BAS has risen from last week’s close of $15.17 to $17.76 on September 20—a sizeable ~17% rise.
Interestingly, there’s been no news release by the company behind this big move in BAS. Since last week, the entire energy sector appears to be rising strongly on the back of strong crude oil (USO) and natural gas (UNG) prices.
Although BAS is rising this week, it’s been in a serious declining trend in 2017 and made a new 52-week low of $14.03 in August. YTD (year-to-date), BAS has fallen ~50%.
BAS will likely face immediate resistance at its 50-day moving average, which stands at $19.35. BAS stock started trading on NYSE (New York Stock Exchange) in December 2016 after Chapter 11 reorganization.
Moving up: CRR, SPN, TTI, KEG
In our list of gainers for the current week, Basic Energy Services (BAS) is followed by CARBO Ceramics (CRR), Superior Energy Services (SPN), Tetra Technologies (TTI), and Key Energy Services (KEG), which have risen 9.8%, ~9.2%, ~7.6%, and ~6.0%, respectively, so far this week.
We’re using oilfield services companies with market capitalizations greater than $100 million and last week’s average volumes greater than 100,000 shares. Notably, these stocks have also been rising without any company-specific news in the current week. Except for SPN, all these stocks are trading above their respective 50-day moving averages.
There’s been positive sentiment surrounding oilfield services stocks this week, with the VanEck Vectors Oil Services ETF (OIH), which represents an index of stocks from the oilfield services industry, rising nearly 2.4%, compared with the SPDR Dow Jones Industrial Average ETF’s (DIA) 0.65% rise so far this week.
So far this week (starting September 18, 2017), PBF Energy (PBF) is leading the list of gainers in our refining and marketing group, having risen 6%.
Today, IHS Markit published its purchasing managers' indexes or PMIs for May countries around the world.
Best Buy (BBY) reported better-than-expected earnings for the first quarter of fiscal 2020, which ended on May 4.
On May 23 at 12:46 PM EDT, Apple (AAPL) was trading at $179.12 with a 2.0% loss for the day.
The CBOE Volatility Index has been sitting at very low levels for most of 2019.
On May 23, CannTrust (CTST) was trading nearly 4.1% lower, while Cronos Group (CRON) fell 3.3%.
US equity markets are in the red today amid the escalation in the US-China trade war.