On November 12–19, upstream stock Concho Resources (CXO) gained the most on our list of upstream energy stocks. However, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 1.6%—the largest decline among the major energy ETFs that we discussed in the previous part.
Upstream stocks, Ultra Petroleum (UPL), QEP Resources (QEP), Enerplus (ERF), and EOG Resources (EOG) were the second, third, fourth, and fifth-largest gainers, respectively, on our list of upstream energy stocks in the week ending on November 19.
On November 8, Ultra Petroleum announced its third-quarter earnings results. The company reported a net income of $0.17 per diluted share—compared to analysts’ consensus estimates of $0.14 per share. Since the earning results, the stock has increased 5.7%.
On November 19, QEP announced that “QEP Oil & Gas Company, have entered into a definitive agreement to sell natural gas and oil producing properties, undeveloped acreage and associated gas gathering and treating systems in the Haynesville/Cotton Valley for $735.0 million, subject to purchase price adjustments.” On the same day, QEP closed 8.8% higher.
On November 19, Enerplus announced a dividend of 0.01 Canadian cents per share.
Energy commodities and the broader market
In the trailing week, US crude oil December futures fell 4.8%, natural gas December futures rose 24.1%, and the S&P 500 Index fell 1.3%. These upstream energy outperformers also beat oil and the broader market during this period. Notably, the rise in natural gas prices might have supported these upstream stocks.
Next, we’ll discuss the biggest declines in the upstream energy space.