Deep Dive: These oil stocks are taking the worst beatings after Saudi Arabia shocks the energy market

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Deep Dive

Forty U.S. energy stocks were down at least 30% Monday

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(Updates story with closing index, commodity and stock prices, and commentary from Pictet’s Luca Paolini.)

Energy stocks plunged Monday after Saudi Arabia said it would lower prices and increase production even as demand for oil has weakened.

The scope of the bloodletting was epic.

The S&P 500 energy sector tumbled 20%, as West Texas crude oil for April delivery
CL.1,
-0.54%

fell 25% to settle at $31.13 a barrel. That was the largest one-day price drop for oil since 1991.

Among broader indexes, the Dow Jones Industrial Average
DJIA,
-7.78%

skidded 2,014 points (or 7.8%) to close at 23,851.02. The S&P 500 Index
SPX,
-7.59%

was down 7.6% and ended 18.9% below its Feb. 19 closing high. The Nasdaq Composite Index
COMP,
-7.28%

dropped 7.3% Monday.

William Watts explained how Saudi Arabia’s oil shock rattled global financial markets. Here’s a list of banks with high levels of credit exposure to the energy industry.

“We will see a bear-market rally in the short term” following Monday’s “brutal action,” Luca Paolini, chief strategist at Pictet Asset Management in London, said in an interview.

Even so, investors won’t see a bottom for U.S. stocks until domestic economic reports begin to show signs of weakness, he said.

“About 40% of the global economy is contracting,” including China, Japan, Italy and several other countries, he said.

Expanding our review to the S&P 1500 energy sector (drawn from the S&P 500 Index
SPX,
-7.59%
,
the S&P Mid Cap 400 Index
MID,
-9.13%

and the S&P Small Cap 600 Index
SML,
-9.64%

), here are the 45 U.S.-traded energy stocks that fell at least 30% Monday: 

Company

Ticker

Price change – March 9, 2020

Price change since Feb. 19

Decline from 52-week high

Price change – 2020

Price change – 2019

Callon Petroleum Co.

CPE,
-68.07%
-69.3%

-86.7%

-95.3%

-91.7%

-25.6%

SM Energy Co.

SM,
-61.25%
-64.4%

-85.3%

-92.8%

-87.9%

-27.4%

Matador Resources Co.

MTDR,
-64.12%
-64.2%

-82.1%

-89.5%

-87.0%

15.7%

Oasis Petroleum Inc.

OAS,
-61.67%
-61.7%

-84.9%

-95.4%

-89.9%

-41.0%

QEP Resources Inc.

QEP,
-58.68%
-58.7%

-78.7%

-93.0%

-86.8%

-20.1%

Apache Corp.

APA,
-53.86%
-54.7%

-67.1%

-75.4%

-63.3%

-2.5%

HighPoint Resources Corp.

HPR,
-31.70%
-54.4%

-82.5%

-94.0%

-88.9%

-32.1%

U.S. Silica Holdings Inc.

SLCA,
-52.74%
-53.0%

-74.5%

-91.8%

-75.0%

-39.6%

Occidental Petroleum Corp.

OXY,
-52.01%
-52.9%

-70.2%

-81.6%

-69.3%

-32.9%

Penn Virginia Corp.

PVAC,
-48.94%
-48.9%

-68.3%

-90.5%

-81.7%

-43.9%

PDC Energy Inc.

PDCE,
-48.22%
-48.2%

-67.4%

-84.6%

-72.1%

-12.1%

Oil States International Inc.

OIS,
-47.38%
-48.1%

-72.4%

-85.5%

-81.1%

14.2%

Marathon Oil Corp.

MRO,
-46.85%
-47.4%

-65.7%

-81.0%

-73.6%

-5.3%

Valaris PLC Class A

VAL,
-46.98%
-47.0%

-76.8%

-93.3%

-81.3%

-53.9%

Nabors Industries Ltd.

NBR,
-46.57%
-47.0%

-77.5%

-87.5%

-82.3%

44.0%

Tetra Technologies Inc.

TTI,
-45.97%
-46.5%

-60.3%

-79.7%

-72.4%

16.7%

WPX Energy Inc.

WPX,
-45.84%
-46.4%

-71.3%

-77.3%

-74.6%

21.1%

Newpark Resources Inc.

NR,
-44.93%
-45.3%

-62.1%

-83.1%

-74.2%

-8.7%

Patterson-UTI Energy Inc.

PTEN,
-44.65%
-44.7%

-67.8%

-85.4%

-77.3%

1.4%

Diamondback Energy Inc.

FANG,
-44.64%
-44.6%

-66.1%

-76.4%

-71.1%

0.2%

Denbury Resources Inc.

DNR,
-39.31%
-44.6%

-66.8%

-88.0%

-77.2%

-17.5%

Helix Energy Solutions Group Inc.

HLX,
-44.31%
-44.5%

-67.8%

-71.2%

-70.1%

78.0%

Apergy Corp.

APY,
-44.18%
-44.2%

-65.8%

-80.1%

-74.4%

24.7%

Core Laboratories NV

CLB,
-43.28%
-43.3%

-58.7%

-82.1%

-64.1%

-36.9%

Green Plains Inc.

GPRE,
-43.15%
-43.2%

-57.4%

-67.5%

-62.6%

17.7%

Murphy Oil Corp.

MUR,
-42.49%
-42.5%

-59.2%

-70.7%

-66.0%

14.6%

ProPetro Holding Corp.

PUMP,
-41.76%
-41.8%

-62.5%

-84.1%

-64.2%

-8.7%

Oceaneering International Inc.

OII,
-41.12%
-41.2%

-64.1%

-77.4%

-67.8%

23.2%

Laredo Petroleum Inc.

LPI,
-40.07%
-40.1%

-72.3%

-88.5%

-85.4%

-20.7%

Whiting Petroleum Corp.

WLL,
-39.85%
-40.0%

-73.5%

-97.4%

-89.1%

-67.7%

Ring Energy Inc.

REI,
-39.25%
-39.3%

-65.8%

-90.0%

-75.4%

-48.0%

Cimarex Energy Co.

XEC,
-38.21%
-38.4%

-63.0%

-79.6%

-71.4%

-14.9%

Transocean Ltd.

RIG,
-38.11%
-38.3%

-65.2%

-84.6%

-78.1%

-0.9%

Oneok Inc.

OKE,
-37.75%
-37.8%

-50.4%

-51.5%

-49.6%

40.3%

Halliburton Co.

HAL,
-37.64%
-37.6%

-63.4%

-74.8%

-66.7%

-7.9%

Devon Energy Corp.

DVN,
-37.39%
-37.5%

-63.2%

-76.4%

-67.8%

15.2%

Pioneer Natural Resources Co.

PXD,
-36.92%
-37.0%

-53.1%

-62.8%

-56.2%

15.1%

Noble Corp. PLC

NE,
-34.92%
-34.9%

-65.8%

-91.3%

-77.0%

-53.4%

Source: FactSet

You can click on the tickers for more about each company.

Don’t miss:You should avoid shares of these banks with too much oil and gas exposure


Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York.

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