In this part, we’ll discuss the top percentage gainers from the oil and gas production—or upstream—sector in the US for the current week starting January 29, 2018. To compile the list of top upstream gainers, we only used oil and gas producers with market capitalizations of greater than $100 million and last week’s average trading volume greater than 100,000 shares.
Centennial Resource Development
In the week starting January 29, Centennial Resource Development (CDEV) increased to $20.92 from last week’s close of $20.54 on January 26—a moderate increase of ~1.9%. On Tuesday, Centennial Resource Development gapped up strongly by more than ~1% and continued with the positive momentum in the morning session. Centennial Resource Development was trading with the gain of more than 5%. However, Centennial Resource Development didn’t hold the gains and declined in the afternoon session. Centennial Resource Development closed the day with a modest increase of ~0.8%. On Tuesday, Centennial Resource Development formed a reversal candlestick on the daily chart.
Centennial Resource Development has been in a strong uptrend since July 2017. Due to the strong uptrend, Centennial Resource Development has risen more than 46% since July 7, 2017. The uptrend also caused Centennial Resource Development’s 50-day moving average to cross above its 200-day moving average in October 2017. As of January 30, Centennial Resource Development is trading at $20.92, while its 50-day and 200-day moving averages stand at $20.06 and $17.75, respectively.
Other rising stocks
Other upstream stocks making it on the list of top gainers this week are Bonanza Creek Energy (BCEI) and SRC Energy (SRCI). Bonanza Creek Energy and SRC Energy have risen ~0.4% and ~0.3%, respectively.
Even though the increases in these stocks aren’t significant, they 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 has fallen ~5.4% in the current week.
In comparison, the SPDR Dow Jones Industrial Average ETF (DIA) has fallen ~2.0% in the current week.
Next, we’ll look at the upstream stocks that are trending down in the current week.