Weakest E&P Stocks for the Week Ending August 17


Nov. 20 2020, Updated 2:14 p.m. ET

Alta Mesa Resources

Alta Mesa Resources (AMR), which is primarily focused in the STACK region, was the weakest E&P (exploration and production) company in the week ending August 17. Alta Mesa Resources fell 32.2% last week. The stock fell after its second-quarter earnings announcement. Alta Mesa Resources posted an EPS loss of $0.04—compared to analysts’ expectation of marginal profit during the quarter. Overall, Alta Mesa Resources has lost 56.1% YTD (year-to-date).

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California Resources

California Resources (CRC) was the second-weakest E&P stock last week—it fell 16.3%. California Resources, which has seen a strong rally in 2018, saw massive profit-booking after crude oil prices fell last week. Despite the weakness, California Resources has risen 50.6% YTD.

Diamondback Energy

Diamondback Energy (FANG) was the third-weakest E&P company last week—it fell 10.8%. Diamondback Energy stock fell after the company announced that it will acquire Energen (EGN) in an all-stock transaction valued at $9.2 billion. The acquisition includes $830 million of Energen’s net debt. The possibility of higher leverage and the expected near-term dilution could be the major reason behind Diamondback Energy’s sharp decline following the announcement. Overall, Diamondback Energy has lost 4.8% YTD.

Lowest performers     

Jagged Peak Energy (JAG), W&T Offshore (WTI), Cimarex Energy (XEC), Carrizo Oil & Gas (CRZO), SRC Energy (SRCI), Southwestern Energy (SWN), and Chesapeake Energy (CHK) were among the top ten lowest-performing E&P companies last week.

Next, we’ll discuss the best-performing E&P companies last week.


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