Upstream Losses This Week: TELL, REI, NOG, XOG, and PXD

Upstream losses

Having looked at the percentage gainers, let’s look now at the top percentage losses from the oil and gas production—or upstream—sector from June 18–20. To compile the list, 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 This Week: TELL, REI, NOG, XOG, and PXD

Tellurian declined the most

From June 18–20, Tellurian (TELL) fell from $11.07 to $9.27, a significant decrease of more than 16%. It fell all three days.

Most of the decline in TELL came on June 19 when it fell on heavy volume by 10% and closed the day with a loss of more than 12%. On June 18, after the market closed, it announced its plan to access the secondary markets through a public offering of 12 million shares of its common stock. It expects to receive total gross proceeds of $119 million from the public offering.

Tellurian is one of the best-performing upstream stocks since natural gas bottomed out in Q1 2016. It has risen a whopping 4,635% since January 2016. Tellurian is a development stage natural gas company that intends to deliver natural gas worldwide. Its flagship Driftwood project will begin operations in 2022.

REI, NOG, XOG, and PXD

In the list of top decliners, Tellurian (TELL) is followed by Ring Energy (REI), Northern Oil & Gas (NOG), Extraction Oil & Gas (XOG), and Pioneer Natural Resources (PXD). REI, NOG, XOG, and PXD fell 1.7%, 1.1%, 1%, and 0.5%, respectively, from June 18–20.

On June 13, Pioneer Natural Resources announced the sale of its assets in the Raton Basin in Colorado for $79 million. The transaction is expected to close in July.

The First Trust ISE-Revere Natural Gas ETF (FCG) rose 4.6% from June 18–20. FCG represents an index of energy stocks that derive the substantial portion of their revenues from the exploration and production of natural gas.