In the week ending March 15, upstream stock California Resources (CRC) rose the most among the energy stocks under review in this series, 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)
In addition to US energy companies, a few foreign-headquartered integrated energy companies listed in the United States are also under review including Imperial Oil (IMO) and China Petroleum & Chemical (SNP).
Since California Resources’ quarterly earnings announcement, the stock is on investors’ radar for any gains in oil prices. Last week, US crude oil futures and the S&P 500 Index (SPY) rose 4.4% and 2.9%, respectively. The bullishness in oil and the broader market might have lifted the energy stocks shown in the above table.
Other strong performers
Carrizo Oil & Gas (CRZO) was the fifth-largest gainer among the energy stocks in the past five trading sessions. XOP rose the most among major energy subsector ETFs, which we discussed in the previous part. Carrizo Oil & Gas operates with a production mix of ~81.4% in oil and natural gas liquids. On March 14, JPMorgan Chase increased its target price on Carrizo Oil & Gas by $2 to $17.
Weatherford International (WFT), Diamond Offshore Drilling (DO), and U.S. Silica Holdings (SLCA) were the second, third, and fourth-largest gains in the energy space last week. OIH was the second-largest gainer among major energy subsector ETFs during this period.
However, for oilfield services stocks, the contraction in the US oil rig count might be a concern for investors. Last week, the oil rig count fell by one to 833.