Other large gainers
EQT Midstream Partners (EQM) and NuStar Energy (NS) were the second and fifth-largest gainers on our list of energy stocks last week. On August 7, NuStar Energy announced a net income of $13.7 million applicable to common limited partners in the second quarter—compared to $4.4 million in the second quarter of 2017.
Upstream stocks, Southwestern Energy (SWN) and Callon Petroleum (CPE) were the third and fourth-largest gainers on our list of energy stocks last week. Southwestern Energy operates with a production mix of ~86% in natural gas. On August 3–10, natural gas prices rose 3.2%.
On August 6, Callon Petroleum announced its second-quarter earnings results. Since then, Callon Petroleum closed higher most of the days. The company reported an adjusted net income of $0.21 per diluted share for the second quarter—compared to analysts’ consensus estimate for an income of $0.22 per share.
Energy commodities and the broader market
During the week ending August 10, US crude oil September futures fell 1.3%, while natural gas September futures rose 3.2%. The S&P 500 fell 0.2% during this period. The top five energy gainers outperformed the energy commodities and equity markets last week.
Next, we’ll discuss oil ETFs’ price performance.