|Bid||59.61 x 1000|
|Ask||59.92 x 2900|
|Day's Range||59.51 - 59.98|
|52 Week Range||53.36 - 68.81|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||6.76%|
|Beta (3Y Monthly)||1.37|
|Expense Ratio (net)||0.13%|
Energy-related exchange traded funds were leading the charge on Friday after the Organization of Petroleum Exporting Countries and its allies committed to deep crude oil output cuts in an attempt to stymie ...
The Energy Select Sector SPDR (NYSEArca: XLE), the largest equity-based energy ETF, is up less than three percent this year, underscoring the point that energy is one of the worst-performing groups in ...
U.S. Silica Holdings Inc. said Friday it is cutting 230 jobs, or about 10% of its workforce, in an effort to "improve efficiencies" given challenges in its energy markets. The stock is still inactive in premarket trading. The job cuts include corporate employees and job losses from the idling of the mines in Utica, Illinois and Tyler, Texas. Other facilities that will be impacted, but not idled, are those in Crane County, Texas, Sparta, Wisconsin and Festus, Missouri. The company expects to incur about $1.7 million in severance costs in the fourth quarter of 2019, while the expected savings from the job cuts and other cost reduction actions are about $20 million a year. "The difficult decisions announced today are an important element of our plan to protect margins and generate free cash flow in an increasingly competitive oil and gas completions market," said Chief Executive Bryan Shinn. The stock has tumbled 54.7% year to date, while the SPDR Energy Select Sector ETF has gained 4.7%, the Russell 2000 has climbed 17.5% and the S&P 500 has advanced 23.8%.
The energy sector was the only one of the S&P 500's 11 key sectors that gained ground Wednesday, as a jump in crude oil prices helped boost energy company stocks. The SPDR Energy Select Sector ETF hiked up 1.0%, as 25 of 28 components rose. Among the ETF's most active components, shares of Schlumberger Ltd. ran up 3.9%, Halliburton Co. hiked up 2.4%, Williams Companies gained 1.7%, Exxon Mobil Corp. edged up 0.3% and Occidental Petroleum Corp. tacked on 1.0%. Chesapeake Energy's stock isn't in the ETF, but it bounced 1.6% on 74.6 million shares traded, and was the most-active stock on major U.S. exchanges. The rally comes after the stock had plunged 20% over the past two sessions to close Tuesday at a 25-year low of 55.57 cents. Continuous crude oil futures surged 3.0% after data showing domestic crude supplies increased by less than expected.
Shares of Berry Petroleum Corp. sank 17% toward a 2-year low in morning trading Wednesday, on the back of a 21.5% plunge in the previous session, as analysts downgraded the oil reserves production company following California's decision to prohibit using high-pressure steam to extract oil. Of the nine analysts surveyed by FactSet, four have downgraded Berry and five have cut their targets. KeyBanc Capital's Leo Mariani lowered his rating to underweight from sector weight, and as established a stock price target of $6.50, which is 12% below current levels, as California's new regulations could "potentially result in the loss of production volumes for [Berry] in the near future." BMO Capital's Philip Jungwirth cut Berry to market perform from outperform, saying increased regulatory uncertainty will likely be an overhang to stock prices. The downgrades come despite Berry's assertion Tuesday that California's "moratorium" on using the high-pressure cyclic steaming process "will not impact the company's 2019 financial performance, and only potentially impacts its future thermal diatomite wells." The stock has lost 13% over the past three months, while the SPDR Energy Select Sector ETF has edged up 1.1% and the S&P 500 has gained 7.4%.
The energy sector consists of stocks related to the production and supply of energy around the world. The sector includes upstream firms that are involved in the exploration and production of oil or gas reserves, such as EOG Resources Inc. (EOG). Also in the sector are downstream companies that refine and process oil and gas products for delivery to consumers, including HollyFrontier Corp. (HFC).
Shares of Chesapeake Energy Corp. took an 7.2% dive in active morning trading Monday, and hit a 20-year low in intraday trading, as crude oil prices pulled back from Friday's 8-week closing high. Trading volume of 33.8 million shares made the oil and natural gas company's stock the most actively traded on major U.S. exchanges. The stock hit an intraday low of 63.00 cents, which is the lowest price seen during regular-session hours since February 1999, before paring some losses. The stock was currently on track to close at the lowest price since May 1994. Continuous crude oil prices fell 1%, weighed by some general weakness in risk assets, including equities. Chesapeake's stock and crude oil futures have a correlation coefficient of 0.42 year to date, where as a reading of 1.00 would indicate a perfect match. Chesapeake's stock has plummeted 69.0% year to date, while the SPDR Energy Select Sector ETF has gained 3.5%, crude futures have run up 26.1% and the S&P 500 has advanced 24.2%.
Shares of Crestwood Equity Partners L.P. rallied 1.5% in morning trade Wednesday, on track to snap a six-session losing streak, as a bounce in Chesapeake Energy Corp.'s stock helped provide support. Crestwood's stock had plummeted 14% over the past six sessions to close Tuesday at an 8-month low. Stifel Nicolaus analyst Selman Akyol wrote in a note to clients earlier this week that the recent weakness in Crestwood shares was likely in large part due to concerns over Chesapeake Energy, since the oil and natural gas company is a customer of Crestwood, a midstream infrastructure company, in the Powder River Basin. Chesapeake's stock bounced 7.5% Wednesday, after plummeting 57% over the previous six sessions on the back of a "going concern" warning. Crestwood and Chesapeake shares have a correlation coefficient of 0.77 over the past three months, where a correlation of 1.00 is a perfect match. Over the same time, the correlation of Chesapeake's stock and the SPDR Energy Select Sector ETF is 0.23, continuous crude oil futures is 0.28 and the S&P 500 is -0.29.
Energy has been in the doldrums this year, especially with the fall of oil prices following a strong 2018. “You’re approaching the time of year when you do tend to see mean reversion to the laggards … so with energy being the worst performer, you could start to see a shift into energy between now and the early part of next year,” said Mark Newton, founder of Newton Advisors. Of course, other analysts see that the energy sector still has some improving to do in order to confirm that it’s changing course for the better.
Shares of Chesapeake Energy Corp. sank 2.9% toward another 20-year low in morning trading Monday, as part of the continued fallout from the "going concern" warning the oil and natural gas company stated in its quarterly filing last week. The stock was headed for a fifth-straight loss, and has plunged 44% over that time. With over 17 million shares traded, the stock is the most actively traded on major U.S. exchanges. The stock has now shed 58% year to date, while the SPDR Energy Select Sector ETF has gained 5.2% and the S&P 500 has climbed 23%.
The Energy Select Sector SPDR (XLE) , the largest equity-based energy ETF, has recently been gaining momentum, posting a gain of almost 8% over the past month in what could be a sign that the once downtrodden sector is poised to shed its laggard status. XLE targets the Energy Select Sector Index and “seeks to provide precise exposure to companies in the oil, gas and consumable fuel, energy equipment and services industries,” according to State Street. XLE has built some momentum following recent earnings reports from Dow components Exxon Mobil (XOM) and Chevron (CVX), the two largest U.S. oil companies and some market observers believe the energy sector is poised for more near-term upside.
The wildfires raging in California and ensuing power outages are creating new demand for solar energy alternatives, as many residents are aiming to become less reliant on the state's power grid.
Shares of Chesapeake Energy Corp. sank 9.6% in premarket trading Tuesday, after the oil and gas company reported a wider-than-expected loss on revenue the fell more than forecast. The net loss narrowed to $101 million, or 6 cents a share, from $169 million, or 19 cents as share, in the year-ago period. Excluding non-recurring items, the adjusted per-share loss was 11 cents, compared with the FactSet consensus for a loss of 10 cents. Revenue declined 14.8% to $2.06 billion, below the FactSet consensus of $2.12 billion. Oil and gas revenue fell 2.4% to $1.17 billion, but topped the FactSet consensus of $1.15 billion, while marketing sales dropped 27% to $889 million to miss expectations of $895.3 million. Average daily production grew 3% to 478,000 barrels of oil equivalent. The company expects flat oil production for the year with capital expenditures of $1.3 billion to $1.6 billion. For 2020, the company expects to cut production and expenses by about 10%. The stock has dropped 25.7% year to date through Monday, while the SPDR Energy Select Sector ETF has gained 6.7% and the S&P 500 has advanced 22.8%.
New York Court Orders Release of Trump Tax Returns A New York court ordered the release of 8 years of President Donald Trump’s tax returns. Don’t get too excited though, because Trump plans to appeal the decision to the US Supreme Court, where he appointed two of the Justices and where Republicans have a 5-4 […]The post Market Morning: Trump Tax Returns, Aramco IPO Confusion, Fall From Space, Uber Loss appeared first on Market Exclusive.
Energy sector ETFs surged Friday after crude oil prices rallied in response to the upbeat U.S. jobs data and Chinese manufacturing numbers. On Friday, the SPDR Oil & Gas Equipment & Services ETF (NYSEArca: ...
Shares of Chesapeake Energy Corp. shot up 10% in afternoon trading, as better-than-expected jobs data helped spark a rally in crude oil prices, and broad gains in the energy sector. Trading volume topped 48.8 million shares, putting the on course to exceed the full-day average of 51.8 million shares by a wide margin. The oil and natural gas exploration and production company is scheduled to report third-quarter results on Nov. 5, before the market opens. Analysts surveyed by FactSet expect Chesapeake to swing to a loss of 10 cents a share on revenue of $2.12 billion, from a profit of 19 cents a share on revenue of $2.42 billion in the same period a year ago. The SPDR Energy Select Sector ETF rallied 2.1% in afternoon trading, with 25 of 28 components gaining ground. Crude oil futures surged 2.8% in afternoon trading. Helping fuel demand, the U.S. Labor Department said the U.S. economy created 128,000 new jobs in October, well above expectations of 75,000 new jobs. Despite Chesapeake's rally on Friday, the stock was still down 10% over the past three months, while the energy ETF has slipped 3.4% and the Dow Jones Industrial Average has gained 2.7%.
The Energy Select Sector SPDR (XLE) , the largest equity-based energy ETF, posted a modest October gain, but the fund's recent uptick, and those of its rivals, will be tested Friday by earnings reports from Dow components Exxon Mobil (XOM) and Chevron (CVX), the two largest U.S. oil companies. XLE targets the Energy Select Sector Index and “seeks to provide precise exposure to companies in the oil, gas and consumable fuel, energy equipment and services industries,” according to State Street. Translation: XLE allocates a combined 43.46% of its weight to shares of Exxon and Chevron, making Friday a potentially vital day for the near-term health of the bellwether energy ETF.
Shares of Chevron Corp. fell 1.1% in premarket trading Friday, after the energy giant reported third-quarter profit and revenue that fell more than expected, as falling oil and gas prices offset increased production. Net income declined to $2.58 billion, or $1.36 a share, from $4.05 billion, or $2.11 a share, in the year-ago period. The latest quarter's results included a $430 million tax charge related to cash repatriation. The FactSet EPS consensus was $1.49. Total revenue dropped 18% to $36.12 billion, well below the FactSet consensus of $38.00 billion. Worldwide net oil-equivalent production rose 3% to 3.03 million barrels per day, while the average sales price per barrel of crude oil and natural-gas liquids fell 24% to $47 from $62, and the average sales price of natural gas dropped 46% to 95 cents per thousand cubic feet from $1.80. The stock has gained 6.8% year to date through Thursday, while the SPDR Energy Select Sector ETF has edged up 1.1% and the Dow Jones Industrial Average has gained 15.9%.
Energy ETFs are expected to see rough trading as the two oil majors Exxon Mobil and Chevron, which dominate the ETF returns, saw negative earnings estimate revisions before the earnings.