Last week, oilfield services stock Noble (NE) fell the most among the stocks in the energy space. The stock is included in the following ETFs:
On June 14, Citigroup reduced its price target on Noble by $0.7 to $1.8. On June 15, NE’s stock prices closed at $1.58.
Other oilfield services stocks Ensco (ESV), Superior Energy Services (SPN), and Nabors Industries (NBR) had the second, third, and fourth largest declines among energy stocks, respectively, last week.
On June 14, Citigroup reduced its price target on Ensco by $4.1 to $8.9. Similarly, on June 6, Citigroup slashed its target price on NBR by 31.2%. In the week ended June 14, the US oil rig count fell by one to 788, at its new lowest level since February 2, 2018. This might have impacted these oilfield services stocks. Moreover, weaker oil prices are also an important concern for these energy stocks.
Carrizo Oil & Gas (CRZO) fell the fifth most among energy stocks. A fall of 2.7% in US crude oil prices could have dragged CRZO’s stock prices. CRZO operates with a production mix of 81.7% in oil-price-linked commodities.