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Moody's Investors Service (Moody's) has withdrawn all of its ratings for RSP Permian, Inc. (RSP Permian). The withdrawals follow RSP Permian's acquisition by Concho Resources Inc. (Concho, Baa3 stable) in July 2018 and the repayment of all of RSP Permian's rated debt.
Between July 11 and July 18, our list of oil-weighted stocks fell 2.4%, while US crude oil September futures fell 1.6%. Below are the oil-weighted stocks that have seen the largest increases in the last five trading sessions: RSP Permian (RSPP): rose 3.9% Concho Resources (CXO): rose 3.8% WPX Energy (WPX): rose 1.4%
Concho Resources Inc completes its acquisition of RSP Permian Inc, creating the largest unconventional shale producer in the Permian Basin.
Concho Resources Inc. (CXO) (“Concho” or the “Company”) today announced that it has completed its acquisition of RSP Permian, Inc. (RSPP) (“RSP”). The transaction creates the largest unconventional shale producer in the Permian Basin. Tim Leach, Chairman and Chief Executive Officer of Concho, commented, “We are excited to complete this transaction and welcome the RSP team to Concho.
This Monday, WallStEquities.com has initiated reports coverage on the following Oil & Gas Drilling & Exploration equities: Pioneer Energy Services Corp. (NYSE: PES), Ring Energy Inc. (NYSE AMER: REI), RSP Permian Inc. (NYSE: RSPP), and Tellurian Inc. (NASDAQ: TELL). All you have to do is sign up today for this free limited time offer by clicking the link below.
Between June 27 and July 3, our list of oil-weighted stocks rose 1.4%, while US crude oil August futures rose 5.1%.
On July 3, US crude oil August futures rose 0.3% and closed at $74.14 per barrel—the second-highest closing level for active US crude oil futures since November 24, 2014.
Active WTI crude oil futures were trading above their 20-day, 50-day, 100-day, and 200-day moving averages of $67.7, $68.7, $65.9, and $61.44 per barrel, respectively, on July 2. The situation reflects the strong bullishness in oil prices. These moving average levels could support WTI crude oil prices.
On July 2, US crude oil August futures closed ~$10 above the August 2019 futures contract. On June 25, the futures spread was at a premium of $5.4. On June 25–July 2, US crude oil August futures rose 8.6%.
Canada’s crude oil supply is estimated to decline ~10% in July due to an electricity outage that shut down the Syncrude facility in Alberta. The facility can produce up to 360,000 bpd (barrels per day). It’s expected to be offline at least in July.
The EIA (U.S. Energy Information Administration) released its weekly US crude oil output data on June 27. The EIA reported that the US crude oil output was steady at 10,900,000 bpd (barrels per day) on June 15–22. The production has been steady at a record high level for the second straight week. The US crude oil output increased by 1,650,000 bpd or ~17.8% from a year ago.
Oil and gas stocks are on pace for their best quarter since the final three months of 2011. The SPDR S&P Oil and Gas Exploration and Production fund, better known as the XOP, is up more than 22 percent this quarter. Oil drillers in the Permian basin in Texas and New Mexico have underperformed peers that operate in other parts of the country.
This analysis is intended to introduce important early concepts to people who are starting to invest and want to better understand how you can grow your money by investing inRead More...
NEW YORK, NY / ACCESSWIRE / June 22, 2018 / Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State Building in New York ...