Energy stocks take a dive as crude oil prices fall to 3-week low

  • October 26, 2020

 

Energy stocks took a broad dive Monday, as crude oil prices sold off amid concerns that the recent surge in new COVID-19 cases globally would sap demand. The SPDR Energy Select Sector ETF slumped 3.0%, and was the biggest decliner among SPDR ETFs tracking the S&P 500’s 11 key sectors, with all 25 equity components losing ground.

Oklahoma energy companies and those that do extensive business in the state suffered as well with Ovintiv Inc. suffering one of the biggest falls as its stocks fell 8.43% or 84 cents before sliding to a stop at $9.13 per share.

NGL Energy Partners lost 31 cents per share for a huge fall of 7.79% to end the day at $3.61.

One of the few to see an increase was Tulsa’s coal mining company, Alliance Resource Partners which gained 24 cents for a nearly 8% increase to $3.36. Blueknight Energy Partners dropped 5 cents for a decline of 3.52% to $1.37. Chesapeake Energy ended down 14 cents or 3.47% at $4.03.

Continental Resources, Inc. fell 6.70% or 93 cents to end at $12.95. Cypress Environmental Partners finished down 7 cents or 3.21% at $2.11. Devon Energy dropped nearly 6% or 55 cents and ended Monday’s trading at $8.81.
 Enable Midstream Partners LP dropped 25 cents for a decline of 4.85% to settle at $4.90. Helmerich and Payne finished down 66 cents or 4.22% at $14.98. LSB Industries closed down 4.08% or a dime at $2.35 per share.
Laredo Petroleum Inc. finished at $9.16, down 37 cents for a decline of 3.88%. Magellan Midstream Partners fell $1.27 or 3.39% to settle at $36.21. Mammoth Energy Services slipped 6 cents for a decline of 3.61% to $1.60.
Matrix Service Co. reported a drop of 36 cents for a slide of 4.30% to settle at $8.01. OGE Energy Corp fell 24 cents for not quite a decline of 1% to end the day at $32.92. ONE Gas dropped 14 cents and finished at $73.79.
ONEOK, Inc. plunged $1.04 or 3.40% to end at $29.51. Panhandle Oil and Gas Inc., now the new PHX Minerals ended down 7 cents at $1.55, a decline of 4.32%. SandRidge Energy slipped 6 cents for a drop of 3.12%
 WPX Energy Inc. dropped 6.29% while suffering a 30 cent fall to $4.47 per share. Williams Companies Inc. tumbled 76 cents for a 3.81% fall to $19.20 per share.

Chevron (CVX) down 1.63 at 70.94 – change 2.25%

Concho Resources (CXO) down 3.18 at 43.79 – change 6.78%

ConocoPhillips (COP) down 2.23 at 30.32 – change 6.83%

Diamondback Energy (FANG) down 1.51 at 27.52 – change 5.19%

Energy Transfer LP (ET) down 0.12 at 6.18 – change 1.91%

Enterprise Products Partners (EPD) down 0.32 at 17.30 – change 1.82%

EOG Resources (EOG) down 2.58 at 34.93 – change 6.88%

ExxonMobil (XOM) down 0.81 at 33.35 – change 2.38%

Kinder Morgan (KMI) down 0.40 at 12.38 – change 3.13%

Marathon Oil Corp. (MRO) down 0.31 at 4.13 – change 6.99%

National Oilwell Varco (NOV) down 0.26 at 8.93 – change 2.83%

Occidental Petroleum (OXY) down 0.57 at 9.46 – change 5.59%

Parsley Energy (PE) down 0.40 at 10.29 – change 3.75%

Phillips 66 (PSX) down 2.34 at 48.14 – change 4.64%

Pioneer Natural Resources (PXD) down 2.74 at 82.80 – change 3.21%

Valero (VLO) down 2.44 at 39.54 – change 5.79%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 1.71 at 93.59 – change 1.86%

Apache Corp.’s stock APA, -7.75% was the ETF’s (XLE) biggest decliner, as it dropped 6.3% toward a 6-month low. Among other more active XLE components, shares of Marathon Oil Corp. MRO, -6.98% slid 5.3%, Occidental Petroleum Corp. OXY, -5.58% shed 4.2%, Exxon Mobil Corp. XOM, -2.37% slid 2.8%, Halliburton Co. HAL, -3.90% declined 3.2% and Schlumberger NV SLB, -1.49% gave up 3.2%. Meanwhile, crude oil futures CL00, -3.21% fell 3.3% to a 3-week low.

Source: MarketWatch

Jerry Bohnen