Energy Sector Led Monday's Plunge
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.