uploads///oil _

These Energy Stocks Were the Top Performers in the Sector


Jun. 10 2019, Updated 11:05 a.m. ET

Energy stocks

In the week ending June 7, oilfield services stock McDermott International (MDR) rose the most among the stocks in the energy space. The stock is 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)

On June 5, MDR announced that “CCS JV, a joint venture between McDermott, Saipem and Chiyoda, has reached full agreement for a contract with Anadarko Petroleum Corporation for the Mozambique Area 1 Liquefied Natural Gas Development.” On the same day, MDR’s stock prices rose more than 5%.

Article continues below advertisement

Other strong performers

Another oilfield services stock, TechnipFMC (FTI) rose the fifth most among energy stocks between May 31 and June 7. On June 4, Berenberg reduced its price target on FTI by 50 cents to $28.5.

Upstream stocks Continental Resources (CLR) and Apache (APA) rose third and fourth, while downstream stock Delek US Holdings (DK) had the second-highest rise among energy stocks, respectively, last week.

On June 3, CLR announced the start of a quarterly dividend of 5 cents per share and a share-repurchase of $1 billion. On the next day, CLR’s stock prices jumped ~15%. In the second quarter, based on analysts’ consensus estimates, Apache’s earnings might double on a sequential basis. Moreover, despite weaker oil prices, the rise of 4.4% in the S&P 500 Index (SPY) might have supported APA’s stock prices.


More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.