36.45 -0.04 (-0.11%)
After hours: 5:39PM EDT
|Bid||35.76 x 1000|
|Ask||36.45 x 800|
|Day's Range||35.08 - 37.50|
|52 Week Range||6.47 - 41.33|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 1, 2018 - Aug 6, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||40.83|
On June 8–15, the ETFs that track US crude oil futures had the following performances: The United States Oil ETF (USO) fell 1.7%. The United States 12 Month Oil ETF (USL) fell 2.3%. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 3.9%.
Having looked at this week’s gainers in the US upstream sector, we’ll now move to the stocks that have fallen the most. We’ll focus on oil and gas producers with a market capitalization greater than $100 million and an average trading volume greater than 100,000 shares.
In the third bullet point of the release dated May 30, 2018, the presentation time should read: 10:00 a.m. EDT.
From June 1–8, upstream California Resources (CRC) stock was the top gainer on our list of energy stocks. In the same period, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 0.3%, the underperformer among the major energy subsector ETFs we looked at in the previous part of this series.
NEW YORK, June 12, 2018-- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors, traders, and shareholders of Regency ...
Pre-market today, WallStEquities.com tracks four Independent Oil and Gas companies to see how they have fared over the previous trading sessions: Kosmos Energy Ltd. (NYSE: KOS), National Fuel Gas Co. (NYSE: NFG), California Resources Corp. (NYSE: CRC), and Callon Petroleum Co. (NYSE: CPE). Last Friday, shares in Hamilton, Bermuda-based Kosmos Energy Ltd. ended the session 0.63% lower at $7.95.
Last week (May 25–June 1), downstream stock Delek US (DK) was the top gainer on our list of energy stocks. Also, the VanEck Vectors Oil Refiners ETF (CRAK) rose 3.2%, outperforming the following major energy subsector ETFs: the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) the Energy Select Sector SPDR ETF (XLE) the Alerian MLP ETF (AMLP) the VanEck Vectors Oil Services ETF (OIH)
On May 22, the crude oil production at the Libyan Arabian Gulf Oil Company declined to ~145,000 bpd (barrels per day) from ~260,000 bpd, according to Bloomberg. The production declined due to the hot weather in Libya. The production could start again when the weather normalizes. Supply outages are usually bullish for crude oil prices.
To conclude our overview of the biggest movers in the upstream and oilfield services sector, we’ll discuss Wall Street analysts’ recommendations for the companies with the strongest gains in 2018. The median price target for WTI is $6.00, which is ~28% lower than the May 22 closing price of $8.34. As of May 22, Reuters reported seven analysts having recommendations on California Resources (CRC).
California Resources Corporation , an independent California-based oil and gas exploration and production company, announced that its executives will be participating in
As of May 25, Southwestern Energy (SWN) had an implied volatility of 54.2%, which is lower than 62.2% at the end of the first quarter. Based on Southwestern Energy’s implied volatility of 54.2% and assuming a normal distribution of prices, 365 days in a year, and a standard deviation of one, SWN stock is expected to close between $4.78 and $4.12 in the next seven days.
As of May 25, ConocoPhillips (COP) had an implied volatility of ~26.1%, which is lower than its implied volatility of ~26.5% on March 30. Last week, ConocoPhillips’s implied volatility increased from ~21.6% to ~26.1% due to an ~6% decline its stock price.
In 2018, California Resources (CRC) is turning out to be the second-best performing energy stock from the oil and gas production—or upstream—sector in the US. California Resources is primarily a crude oil and natural gas producer with operations exclusively in California. So far in 2018, CRC has increased by ~96% from its 2017 close of $19.44 to $38.14.
The EIA estimates that OPEC’s spare crude oil production capacity fell by 30,000 bpd (barrels per day) to 1,940,000 bpd in April—compared to the previous month. OPEC’s spare crude oil production capacity is near a two-month low.
In 2018, W&T Offshore (WTI) is turning out to be the best-performing energy stock from the oil and gas production—or upstream—sector in the US. W&T Offshore is an offshore oil and gas production company with a primary focus on the Gulf of Mexico in the US. Year-to-date in 2018, WTI increased from its 2017 close of $3.31 to $8.34, a big increase of ~152%.
On May 25, Saudi Arabia and Russia’s energy ministers said that the ongoing supply cuts could be eased. As a result, WTI crude oil futures dropped 4% to $67.88 per barrel on May 25.
In Q1 2018, 12 hedge funds bought W&T Offshore (WTI) stock, and 23 hedge funds sold WTI stock. Thus, in Q1 2018, total selling hedge funds outnumbered total buying hedge funds by 11. As of March 31, 31 hedge funds held WTI in their portfolio. Out of these, only one hedge fund has WTI in its top ten holdings.
Word that OPEC and Russia could open up the oil spigots a little more in the near future pushed oil prices down sharply, but the oil supply and demand situation is more complex than just that.
On May 16–23, our list of oil-weighted stocks rose 0.5%. US crude oil July futures rose 0.4% during this period. Below are the oil-weighted stocks with the biggest increases in the trailing week: Denbury Resources (DNR) rose 10.5%. California Resources (CRC) rose 4.3%. Oasis Petroleum (OAS) rose 3.7%.
On May 23, US crude oil July futures fell 0.5% and closed at $71.84 per barrel. On the same date, the EIA reported a rise 5.8 MMbbls (million barrels) in US crude oil inventories for the week ending May 18—compared to the market expectation of a fall of 1.7 MMbbls based on a survey by S&P Global Platts.
On May 21, US crude oil July futures rose 1.4% and settled at $72.35 per barrel—the highest closing level for active US crude oil futures since November 26, 2014. On May 14–21, US crude oil July futures rose 1.9%.
The inverse relationship between oil prices and oil’s implied volatility is illustrated in the graph above. Since US crude oil’s 12-year low in February 2016, US crude oil active futures have risen 172.8%. US crude oil’s implied volatility fell 69.4% between February 11, 2016, and May 17, 2018. Price forecast
On May 16, US crude oil June futures rose 0.3% and closed at $71.49 per barrel, a more-than-three-year high. Market concerns over the United States exiting the 2015 Iran nuclear deal and unraveling Venezuelan production are driving oil prices higher.
Investors need to pay close attention to California Resources (CRC) stock based on the movements in the options market lately.