Energy Business
Energy Sector Led Monday's Plunge
February 24, 2020 4:18 pm
Last Updated: September 25, 2020 1:34 pm
When the Dow Jones industrial average is down close to or over 1,000 points in a single trading day, it’s widely assumed that almost every stock out there is down on the day. When the reason for the sell-off is mostly attributed to a risk of the coronavirus (Covid-19) becoming a widespread global pandemic, then maybe even the most defensive names become cannon fodder in such a brutal day of trading. That didn’t quite happen Monday.
24/7 Wall St. has tracked several oil and gas stocks that, as a sector, took the biggest beating Monday. Stocks in the energy sector lost more than 4.5%, and the energy sector is down about 17% over the past 12 months. We also took a look at these stocks just before noon.
Shortly after the closing bell, the Dow was down about 1,030 points at 27,961.938 and the S&P 500 was down nearly 112 points at 3,223.93. The tech-heavy Nasdaq was down more than 355 points (3.7%) at 9,221.28 on last look. Here is how the companies in focus have been trading.
Exxon Mobil Corp. (NYSE: XOM) closed at $59.13 on Friday, down from a recent high of $69.87, and it closed Monday down 4.65% at $56.38, after trading at $57.04 just before noon.
Chevron Corp. (NYSE: CVX) closed at $109.01 on Friday, below a recent high or around $112.50. Shares closed down about 3.9% Monday at $104.72. They traded at $105.58 in the morning.
BP PLC (NYSE: BP) shares closed at $35.36 on Friday and sank 3.68% Monday to close at $34.06. Just ahead of the noon hour Monday, the stock traded at $34.00, down 3.9% for the day.
Royal Dutch Shell PLC (NYSE: RDS-A) closed at $49.17 on Friday and closed at $47.29 Monday, down 3.82% for the day. Shares traded down about 3.7% Monday morning at $47.35.
Occidental Petroleum Corp. (NYSE: OXY) closed last week at $42.12 and dipped 6.27% Monday to close at $39.48. The stock traded down 4.4% Monday morning at $40.26.
Continental Resources Inc. (NYSE: CLR) closed Friday at $25.30 and slipped further Monday, closing at $23.44, down 7.4%, right around its level at noon.
Parsley Energy Inc. (NYSE: PE) closed at $16.75 on Friday and fell to $15.60 at Monday’s close, down 6.9% for the day. The stock traded down about 7.8% Monday at $15.45.
Pioneer Natural Resources Co. (NYSE: PXD) closed at $142.25 on Friday and sank to $135.97 Monday, down 4.4% for the day. Shares were trading down 5.7% Monday morning at $134.14.
Hess Corp. (NYSE: HES) closed at $64.42 Friday and retreated to $60.23 at Monday’s close. The stock traded down 6.6% at $60.17 just before noon.
Marathon Oil Corp. (NYSE: MRO) closed at $10.11 on Friday and dropped 6.3% Monday to close at $9.47. Shares has traded at $9.49 just before noon.
ConocoPhillips (NYSE: COP) closed at $58.44 on Friday and fell 3.5% to $56.38 at Monday’s close. Shares were trading down about 2.9% Monday morning at $56.73.
Apache Corp. (NYSE: APA) closed Friday at $28.40 and dropped 5.85% to close Monday at $26.74. The stock traded at $26.63 just before noon Monday.
24/7 Wall St.Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Editors' Picks
