18 Mar

Top Energy Gains Last Week

WRITTEN BY Rabindra Samanta

Energy stocks

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)

Top Energy Gains Last Week

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.

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