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These 3 Energy Stocks Surged More than 20% This Week
Investors fell back in love with energy stocks this week. So much so that they sent three energy stocks up more than 20% with dozens of others up double digits. Here’s a closer look those top three energy movers over the past week. Photo credit: TaxCredits.net
What: Shares of the oil-field service company Key Energy Services (NYSE: KEG) surged more than 27% at one point this week before ending up 16.1%.
So What: There was no noteworthy news to fuel Key Energy Services’ stock price this week The surge was largely fueled by oil prices, which ended the week up 8% Higher oil prices could lead to more demand for the services Key Energy Services provides
Now What: Key Energy Services needs more than just higher oil prices to keep its stock price rally going What the company really needs a meaningful recovery in drilling activity That isn’t likely to happen for a while due to the fact that oil companies continue to drop drilling rigs and several are drilling, but not completing wells. This could push back a sustained recovery in drilling activity
What: Shares of the ceramic proppant maker Carbo Ceramic’s (NYSE: CRR) were propped up 22.6% this week.
So What: Like Key Energy Services, there was no noteworthy news to prop up Carbo Ceramic’s stock price this week The surge was, again, largely fueled by oil prices, which ended the week up 8% Higher oil prices could lead to more demand for Carbo’s ceramic proppants
Now What: Carbo Ceramics needs more than just higher oil prices to keep its stock from falling back Energy company’s have been switching to cheaper sand proppants instead of ceramics This is because producers are finding that pumping higher sand volumes into wells is not only cheaper than using ceramics, but the initial production rates and estimated ultimate recovery are just as good, if not, better
What: Shares of the renewable oil and ingredient maker Solazyme (NASDAQ:SZYM) grew 23.8% this week.
So What: Solazyme and Flotek Industries announced a commercial agreement to develop and market advanced drilling fueled technologies In addition, Floteck will market Solazyme’s Encapso lubricant in the Middle East It’s the first commercially available, biodegradable encapsulated lubricant for drilling fluids
Now What: Flotek has agreed to purchase minimum volumes of Encapso through next April, which guarantees sales and uses underutilized production capacity The new strategic partnership for Solazyme’s Flocaspso drilling fluids should lead to stronger future sales as Flotek’s strengths are in marketing, distribution and sales It’s a needle moving agreement for Solazyme, which makes its stock move the only one that was justifiable this week
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