In this part, we’ll look at the top percentage gainers from the US upstream sector. To compile a list of the top upstream gainers, we used oil and gas producers with market capitalizations greater than $100 million and an average trading volume greater than 100,000 shares.
Tellurian rising this week
As of June 13, Tellurian (TELL) had risen 10% this week, from last week’s closing price of $10.72 to $11.78. Tellurian, one of the strongest upstream stocks since natural gas bottomed in Q1 2016, has risen by a whopping ~5,890% since its low in January 2016. Tellurian is a development-stage natural gas company that aims to deliver natural gas worldwide. Its flagship Driftwood project is set to begin operations in 2022.
Riding the industry-wide bullishness: GPOR, NOG, EQT, JAG
Other upstream stocks making it to the list of top gainers this week are Gulfport Energy (GPOR), Northern Oil and Gas (NOG), EQT (EQT), and Jagged Peak Energy (JAG). GPOR, NOG, EQT, and JAG have risen ~9.6%, ~9.0%, ~6.9%, and ~6.6%, respectively.
On June 12, Northern announced two separate note exchange agreements to reduce its debt by ~$21.0 million. In the first exchange for notes agreement, NOG is to issue 6.3 million shares for $18 million in par value of notes. In the second exchange for notes agreement, NOG will issue ~$3.0 million of common stock for ~$3.0 million in par value of notes.
These stocks also beat the SPDR S&P Oil and Gas Exploration & Production ETF (XOP). XOP, which has a ~78% exposure to the industry and has risen ~0.3% this week.