Encana, Schlumberger Drop into Friday's 52-Week Low Club
November 30, 2018: Here are four stocks trading with heavy volume among XX equities making new 52-week lows on Friday. On the NYSE, advancers led decliners by about 1.04 to 1 and advancers also led decliners on the Nasdaq by about 1.39 to 1.
Crude oil traded down about 1% on the day to settle at $50.93 a barrel. Oil dropped about 1% in the week and about 22% for the month. Gold settled down 0.4% at $1,226.00, down about 0.3% for the week and 0.9% for the month.
Weatherford International plc (NYSE: WFT) dropped about 8% Friday to set a new 52-week low of $0.56. Shares closed at $0.61 on Thursday and the stock’s 52-week high is $4.41. Volume was about four times the daily average of around 23 million. The oilfield services company had no specific news, but falling oil prices are crushing this industry’s stocks.
Encana Corp. (NYSE: ECA) traded down about 4.7% at $6.64 Friday after closing at $6.97 on Thursday. The stock’s 52-week high is $14.31. Volume was about 20% higher than the daily average of around 19 million. The company had no specific news.
Nabors Industries Ltd. (NYSE: NBR) traded down about 8.8% Friday and posted a new 52-week low of $3.20 after closing Thursday at $3.51. The stock’s 52-week high is $8.87. Volume was less than half the daily average of around 4.6 million. Another oilfield services company getting hammered by rising U.S. stockpiles and falling prices.
Schlumberger Ltd. (NYSE: SLB) traded down about 0.9% at $44.69 Friday after closing at $45.90 on Thursday. The stock’s 52-week high is $80.35 and volume was about 10% higher than the daily average of around 9.9 million. This is the largest U.S.-traded oilfield services and it, too, is being whacked by rising crude inventories and falling oil prices.