Upstream gainers: Gulfport Energy
In this part, we’ll look at the top gainers in the US upstream sector this week. We’ll focus on oil and gas producers with a market capitalization greater than $100 million and an average trading volume over 100,000 shares last week.
As of June 26, Gulfport Energy (GPOR) had risen ~6.9% from last week’s close of $11.62 to $12.42, above its 50-day and 200-day moving averages of $10.31 and $11.59, respectively. On June 19, Gulfport Energy announced that it had increased its natural gas hedge position for 2019, to ~1,154 billion British thermal units per day of natural gas fixed price swaps at an average price of $2.81 per million British thermal units.
Moving up: CRK, BCEI, JAG, and HK
Other upstream stocks making the list of top gainers this week are Comstock Resources (CRK), Bonanza Creek Energy (BCEI), Jagged Peak Energy (JAG), and Halcón Resources (HK), which have risen ~5.9%, ~5.4%, ~3.7%, and ~3.6%, respectively, so far.
On June 19, Halcón announced that due to lower near-term realized crude oil prices in the Midland market, it will reduce its operated rig count from four to three in July. It also stated that it is in advanced negotiation stages to secure 25,000 barrels per day of capacity on a Gulf Coast pipeline targeted to be in service by the second half of next year.
These stocks beat the SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which has a ~78% exposure to the oil and gas exploration and production industry. XOP has fallen ~0.3% this week. Next, we’ll look at upstream stocks that have fallen.