Upstream stocks were gainers
The other gainers among our top five list were upstream stocks. Cimarex Energy (XEC), EQT (EQT), Pioneer Natural Resources (PXD), and Range Resources (RRC) were the second, third, fourth, and fifth-largest gainers, respectively, on our list of energy stocks in the week ending on November 9. Notably, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 0.6%. XOP was the second-largest gainer among major energy subsector ETFs during this period.
On November 6, Cimarex Energy announced its third-quarter earnings results. The company reported an adjusted net income of $1.99 per share—compared to analysts’ consensus estimates of $1.56 per share.
On November 6, Pioneer Natural Resources announced its third-quarter earnings results. The company reported an income of $2.07 per diluted share—compared to analysts’ consensus estimates of $1.68 per share.
Energy commodities and the broader market
Last week, US crude oil December futures fell 4.7%, natural gas December futures rose 13.2%, and the S&P 500 Index rose 2.1%. These 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 energy space.