Integrated energy stocks
Continuing with the biggest movers in the energy sector, we’ll now look at the top gainers from the US integrated energy sector for the week starting December 18, 2017.
Petrobras leading integrated energy stocks’ gains
In the week starting December 18, Petrobras (PBR) is at the top of the list of gainers from the integrated energy group. Petrobras rose from its close last week of $9.43 on December 15 to $9.75 on December 20—an increase of more than 3%.
There’s no stock-moving press release from Petrobras this week. However, Petrobras has been in a strong uptrend since June 2017, and it has risen ~26.6% since then. Since mid-November, PBR is consolidating between the resistance provided by its 50-day moving average and the support provided by its 200-day moving average. A break on either side could dictate the future trend in PBR’s stock price. As of December 20, PBR is trading at $9.75, whereas its 50-day and 200-day moving averages stand at $10.21 and $9.37, respectively.
Other gaining stocks this week
Other notable gainers in the integrated energy group are YPF Sociedad Anonima (YPF), Cenovus Energy (CVE), Suncor Energy (SU), and BP Amoco Plc (BP). YPF, CVE, SU, and BP have shown increases of ~2.8%, ~2.4%, ~2.3%, and ~1.7%, respectively, so far this week.
On December 20, BP Amoco (BP) announced the start of production from the super-giant Zohr gas field located offshore Egypt—one of BP’s seven major upstream projects in 2017. Per the company’s press release, “The Zohr gas field was discovered by Eni in August 2015 and is estimated to have a total potential of up to 30 trillion cubic feet of gas in place.”
On December 14, Cenovus Energy (CVE) announced its 2018 capital budget in a range of $1.5 billion–$1.7 billion. CVE plans to invest the majority of the budget to sustain the base production at its oil sands operations. Cenovus Energy’s President and CEO, Alex Pourbaix, said, “Our priorities for 2018 are to reduce costs and deleverage our balance sheet while maintaining capital discipline.”
In general this week, the iShares U.S. Energy ETF (IYE) is up ~2.4%. IYE has exposure to integrated heavyweights like Exxon Mobile (XOM) and Chevron (CVX). In comparison, the SPDR Dow Jones Industrial Average ETF (DIA) is ~0.3% higher this week.