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Top E&P Gainers for the Week That Ended on August 24

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Dec. 4 2020, Updated 10:53 a.m. ET

California Resources

California Resources (CRC) was the top E&P (exploration and production) gainer in the week that ended on August 24, with a week-over-week rise of 22.2%. CRC saw a sharp recovery last week after a steep fall in the week that ended on August 17.

The week’s rally was mainly driven by gains in crude oil prices. Overall, CRC has risen 84.1% since the start of this year, but it’s is still trading ~60% below its all-time high.

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Berry Petroleum

Berry Petroleum (BRY), another California-based E&P company, was the second-highest gainer last week. BRY rallied 20.4% in the week. It recently completed its IPO and is trading on the NASDAQ Global Select Market.

Denbury Resources

Denbury Resources (DNR), which is involved in enhanced oil recovery, was the third-highest E&P gainer last week. DNR rallied 16.0%. Overall, DNR has risen 136.2% since the start of this year. DNR’s strong year-to-date gains can be attributed to the company’s strong earnings growth. DNR posted adjusted EBITDAX (earnings before interest, tax, depreciation, amortization, and exploration expenses) of $153 million in the second quarter compared to $86 million in the second quarter of 2017, representing a ~78% year-over-year rise. 

Other top E&P gainers

Range Resources (RRC), WildHorse Resource Development (WRD), SM Energy (SM), W&T Offshore (WTI), Southwestern Energy (SWN), Alta Mesa Resources (AMR), and Oasis Petroleum (OAS) were among the ten top E&P gainers last week. In the next article, we’ll look into analysts’ rating updates last week.

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