In this part, we will look at the top percentage gainers from the oil and gas production—or upstream—sector in the US for the current week starting January 1, 2018. To compile the list of top upstream stocks, we have used oil and gas producers with market capitalizations of greater than $100 million and an average trading volume greater than 100,000 shares last week.
Northern Oil and Gas rising strongly this week
In the week starting January 1, Northern Oil and Gas (NOG) increased from last week’s close of $2.05 to $2.54 on January 2, a significant increase of ~24%. On Tuesday, NOG rose strongly by more than ~4% and continued with the positive momentum throughout the session. Interestingly, there weren’t any news releases from the company this week.
On December 20, 2017, Northern Oil and Gas increased its 4Q17 production guidance. NOG now expects 4Q17 production growth to be in the range of 3%–4% when compared with 3Q17. NOG’s previous guidance was for a flat sequential production in 4Q17. NOG also announced a preliminary 2018 capital budget of $176 million and expects 2018 production to grow in the range of 10%–14% when compared with 2017.
Moving up: WTI, CRZO, EXXI, CRK
Other upstream stocks that rose this week are W&T Offshore (WTI), Carrizo Oil & Gas (CRZO), Energy XXI Gulf Coast (EXXI), and Comstock Resources (CRK). WTI, CRZO, EXXI, and CRK are up by ~12.4%, ~8.2%, ~7.3%, and ~6.5%, respectively.
On December 21, 2017, W&T Offshore (WTI) announced that it achieved the first production at its Ship Shoal 300 B-5 ST exploratory well in the Gulf of Mexico. The well achieved a peak initial production rate of ~1.1 Mboepd (thousand barrels of oil equivalent per day).
These upstream stocks also managed to beat the SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which represents an index of stocks across the energy industry. XOP is up by ~2.8% in the current week.
In comparison, the SPDR Dow Jones Industrial Average ETF (DIA) is higher by ~0.3% in the current week.
Next, we will look at the upstream stocks that are trending down in the current week.