Upstream Losses: NOG, TELL, GPOR, EPE, and REN

Upstream losses

In this part, we’ll discuss the top percentage losses from the upstream sector in the US for the week starting on March 19, 2018. To compile the list of the top upstream losses, we only used oil and gas producers with market capitalizations greater than $100 million and an average trading volume greater than 100,000 shares last week.

Upstream Losses: NOG, TELL, GPOR, EPE, and REN

Northern Oil & Gas

In the week starting on March 19, 2018, Northern Oil & Gas (NOG) decreased from $2.09 to $1.86—a significant decrease of ~11.0%. Northern Oil & Gas’s decline can be attributed to the downtrend that started after the company provided its 1Q18 update.

According to Northern Oil & Gas’s press release on March 19, 2018, the company expects its 1Q18 production to increase 5%–6% compared to 4Q17. Northern Oil & Gas also raised the 2018 production guidance to 18%–22% compared to 2017. Northern Oil & Gas’s original 2018 production guidance was for an increase of 16%–20% compared to 2017.

Following the announcement, Northern Oil & Gas stock fell ~19% in two days.

On the list of the top losses, Northern Oil & Gas is followed by Tellurian (TELL), Gulfport Energy (GPOR), EP Energy (EPE), and Resolute Energy (REN). They have fallen ~6.2%, ~4.2%, ~4.0%, and ~3.2%, respectively.

The First Trust Natural Gas ETF (FCG), which represents an index of energy stocks that derive a substantial portion of their revenues from natural gas exploration and production, has risen ~1.9% this week.