Talos Energy (TALO), an exploration and production company involved in offshore drilling, was the weakest upstream stock in the week ending September 21. Talos Energy fell 9.3% last week. The company’s recent weakness could be due to its high spending plans despite its weak financial position.
Halcon Resources (HK), an exploration and production company in the Delaware Basin, was the second-weakest upstream stock last week. The stock fell 4.6%. Overall, Halcon Resources has lost 39.5% in 2018. The weak YTD performance could be due to the company’s weak operating performance. Halcon Resources reported an adjusted EBITDA of $55.1 million in the second quarter—compared to $65.0 million in the same quarter the previous year, which represents a decline of 15.3% year-over-year.
Alta Mesa Resources
Alta Mesa Resources (AMR), an exploration and production company in the Anadarko Basin, was the third-weakest upstream stock last week. The stock fell 2.8%. Alta Mesa Resources has lost 55.2% in 2018.
Other weak performers
Ring Energy (REI), Centennial Resource Development (CDEV), Diversified Gas & Oil (DGOC), Unit (UNT), SandRidge Energy (SD), and Black Stone Minerals (BSM) were among the ten lowest performing upstream stocks last week.
Next, we’ll discuss analysts’ rating updates last week.