Between January 11 and January 18, upstream stock Laredo Petroleum (LPI) fell the most among our set of selected energy stocks, which include the following ETFs:
- the Alerian MLP ETF (AMLP)
- the Energy Select Sector SPDR ETF (XLE)
- the VanEck Vectors Oil Services ETF (OIH)
- the VanEck Vectors Oil Refiners ETF (CRAK)
- the SPDR S&P Oil & Gas Exploration & Production ETF (XOP)
XOP rose the second-most among the major energy subsector ETFs.
In addition to US energy companies, the following foreign-headquartered integrated energy companies are also listed in the United States:
- Imperial Oil (IMO)
- China Petroleum & Chemical (SNP)
- Total (TOT)
- YPF (YPF)
- Petrobras (PBR)
- BP (BP)
Callon Petroleum Company (CPE) and Marathon Oil (MRO) saw the second- and fifth-largest falls among energy stocks last week. On January 16, Barclays reduced its target price on CPE by $4 to $10 and reduced its rating from “overweight” to “equal weight.” Since that day, the stock has fallen almost 1%. On January 16, Barclays reduced its target price on MRO by $3 to $23.
Midstream stock Enable Midstream Partners LP (ENBL) fell the fourth-most among our selected energy stocks in the week. AMLP saw the second-lowest gain among major energy subsector ETFs, and oilfield services stock Superior Energy Services (SPN) fell the third-most among energy stocks. However, OIH rose the most among major energy subsector ETFs in the period.
Energy commodities and the broader market
Moreover, the broader market’s rise and oil’s recovery may have limited the downside in the above-mentioned energy stocks, which also underperformed energy commodities and the broader market last week. US crude oil March futures rose 4.1%, natural gas February futures rose 12.4%, and the S&P 500 Index (SPY) rose 2.9%.
In the next article, we’ll discuss oil-tracking ETFs.