In this article, we’ll look at the losers from the oil and gas production, or upstream, sector in the US for the current week starting March 5, 2018. To compile the list of top upstream gainers, we have used only oil and gas producers with market capitalizations of greater than $100 million and trading volume greater than 100,000 shares last week.
California Resources was top loser
In the week starting March 5, 2018, California Resources (CRC) fell from $14.98 to $14.65, a decrease of ~6.1%. This week’s decline in CRC can be attributed to the downtrend that started after CRC reported its 4Q17 earnings on February 26, 2018.
In 4Q17, California Resources reported revenues of ~$455 million, significantly lower than the Wall Street analyst consensus of ~$535 million. However, CRC beat the EPS estimates by $0.24 in 4Q17. CRC reported adjusted loss of $0.33 per share, whereas the Wall Street analyst consensus was for the loss of $0.57 per share. To know more about CRC’s earnings, refer to Market Realist’s series Why California Resources Reported Lower Net Income in 4Q17.
The other stocks on the list of top decliners include Jagged Peak Energy (JAG), QEP Resources (QEP), SM Energy (SM), and Newfield Exploration (NFX). JAG, QEP, SM, and NFX are down ~4.6%, ~3.8%, ~3.3%, and ~3.2%, respectively.
Overall, the First Trust Natural Gas ETF (FCG), which represents an index of stocks across the natural gas exploration and production industry is rising this week and down ~0.6%.