Avon, Ensco Dive into Tuesday’s 52-Week Low Club
Avon, Ensco, Southwestern Energy, and Nabors posted new 52-week lows on Tuesday.
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Avon Products Inc. (NYSE: AVP) dropped about 5% Tuesday to post a new 52-week low of $3.24 after closing Friday at $3.41. The 52-week high is $6.96. Volume rose to more than 4 times the daily average of about 7 million shares. The company had no specific news.
Ensco plc (NYSE: ESV) dropped 8.8% Tuesday to post a new 52-week low of $6.11 after closing at $6.70 on Friday. The stock’s 52-week high is $12.04. Volume was more than 6 times the daily average of around 9.8 million shares. The company agreed to acquire offshore driller Atwood Oceanics for about $839 million in stock.
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Southwestern Energy Co. (NYSE: SWN) dropped about 2.9% Tuesday to post a new 52-week low of $6.61 after closing at $6.42 on Friday. The stock’s 52-week high is $6.42. Volume of about 14.5 million was about 25% below the daily average of around 20 million shares traded. The company had no specific news Tuesday.
Nabors Industries Ltd. (NYSE: NBR) posted a new 52-week low of $8.18 on Tuesday, down about 6.5% compared with Friday’s closing price of $8.75. The stock’s 52-week high is $18.40. Volume totaled about 12.7 million shares, about 50% higher than the daily average of about 8.2 million. The company had no news Tuesday, but the tie-up between Ensco and Atwood is not good news for Nabors.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.