5 Oct

These Integrated Energy Stocks Are Losing This Week

WRITTEN BY Nicholas Chapman

Cenovus Energy: the top integrated energy loser

Cenovus Energy (CVE) stock has been the biggest loser so far this week (starting October 2, 2017) in the integrated energy sector. CVE has fallen from last week’s close of $10.02 to $9.84 on October 4, or by 1.8%.

While there’s been no specific news release by the company, CVE stock had been seeing a strong uptrend since the end of June 2017 and has risen by ~45% since then. Last week, CVE’s rally faced a stiff resistance on Monday at its 200-day moving average, and since then, CVE’s stock has been in decline. CVE’s current 200-day moving average now stands at $8.52.

These Integrated Energy Stocks Are Losing This Week

On September 25, 2017, CVE announced the divestiture of its crude oil and natural gas operations in Suffield, Alberta (Canada), to International Petroleum for cash proceeds of $512 million. CVE will also receive contingent payments each month whenever WTI (West Texas Intermediate) crude prices move above $55 per barrel or Henry Hub natural gas moves above $3.50 MMBtu (million British thermal units).

These contingent payments will begin on January 1, 2018, and end on December 31, 2019. The payments are capped, with a maximum combined payment of $36 million.

Other declining stocks this week

Other integrated energy losers this week include China National Offshore Oil (CEO), Eni (E), Imperial Oil (IMO), and Statoil ASA (STO), which have fallen 1.24%, 0.91%, 0.72%, and 0.70%, respectively, so far.

Notably, the Vanguard Energy ETF (VDE), which has exposure to integrated heavyweights like ExxonMobil (XOM) and Chevron (CVX), has fallen 0.25% so far this week, compared with the SPDR S&P 500 ETF’s (SPY) 0.77% rise.

Latest articles

Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.

The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.

Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.

Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.

14 Jun

IEA Again Slashes Its Oil Demand Growth Estimate

WRITTEN BY Rabindra Samanta

As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.

Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.

172.31.59.107