In the week that ended on April 5, upstream stock Denbury Resources (DNR) rose the most among the stocks in the energy space, which are included in 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)
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A few foreign-headquartered integrated energy companies listed in the United States, including Imperial Oil (IMO) and China Petroleum & Chemical (SNP), were also among the top performers in the space.
Other strong performers
Upstream stocks California Resources (CRC) and Whiting Petroleum (WLL) were the second- and fourth-largest gainers among energy stocks in the last five trading sessions. On March 29, Mizuho started its coverage on CRC with a “buy” rating and a price target of $35.
All of these upstream stocks are oil-weighted stocks. They operate with production mixes of at least 60.0% in liquids based on their latest quarterly production data. Liquids include crude oil, condensates, and natural gas liquids.
OIH rose the most among major energy subsector ETFs last week. XOP rose the second most in the period. US crude oil futures rose 4.9% in the period.
The rebound in the US oil rig count may have increased investors’ confidence in oilfield services stocks last week. In the period, the oil rig count rose by 15 to 831—its first rise in the last six consecutive weeks.