Ring Energy (REI), a crude oil–weighted exploration and production company focused in the Permian Basin, was the weakest upstream stock in the week ending October 5. Ring Energy fell 17.4% last week. The decline could be due to a rating downgrade and a target price cut at Morgan Stanley.
Ring Energy continued to be among the weakest upstream stocks for the third consecutive week. Overall, Ring Energy has lost 41.1% since the beginning of 2018.
HighPoint Resources (HPR), a DJ Basin focused exploration and production company, was the second-worst performing upstream stock last week. The stock fell 13.5%. HighPoint Resources was among the weakest upstream stock for the second consecutive week. Overall, HighPoint Resources has lost 17.7% YTD.
Laredo Petroleum (LPI), a pure play Permian focused exploration and production company, was the third-weakest upstream stock last week. The stock fell 11.1%. Laredo Petroleum saw a sharp rally following the announcement of its inclusion in the S&P SmallCap 600 Index. However, all of these rallies were sold into. Laredo Petroleum has fallen 31.6% in 2018.