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These 3 Oil Stocks Were Crushed This Week
It was a mixed week for oil stocks. While many enjoyed solid gains, others fell on hard times. Here’s a closer look at three companies that really had a tough week. Photo credit: TaxRebate.org.uk
What: Shares of Bill Barrett Corporation (NYSE: BBG) dropped more than 10% this week.
So What: Key driver: On Wednesday, Bill Barrett said that it was planning to sell $100 million in stock Company plans to use the cash to boost its capital spending up to $350 million
Now What: Bill Barrett plans to use the funds to accelerate its extended reach lateral drilling program in the DJ Basin due to very strong results Takeaway: While oil prices have improved, very few oil companies are bullish enough to accelerate spending in 2015 at this point
What: Shares of Penn Virginia (NYSE: PVA) slumped 10.5% this week.
So What: Key driver: Penn Virginia’s price target was lowered from $6 to $5 per share by Susquehanna Firm maintained its neutral rating
Now What: With oil prices stabilizing in the $60 per barrel range, it has limited the near-term upside for smaller drilling companies Takeaway: Penn Virginia investors want upside, and with that on hold, many have no reason to hold the stock
What: Shares of Magnum Hunter Resources (NYSE: MHR) burned investors this week as its stock sank 21%.
So What: Key driver: Magnum Hunter Resources was downgraded by Imperial Capital from In-line to Underperform Its price target was also cut from $1.75 per share to $1.25
Now What: The downgrade brought to light the company’s weak balance sheet and the fact that it needs outside capital to fund its business According to the downgrading firm, even if MHR is successful in raising $100 million in cash in the near-term it will still need more money Takeaway: MHR doesn’t generate enough cash flow to run its business, and there are no signs that will change anytime soon
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