CHICAGO, July 16, 2014 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Whiting Petroleum Corp. (NYSE:WLL-Free Report), Kodiak Oil & Gas Corp. (NYSE:KOG-Free Report), Halliburton Co. (NYSE:HAL-Free Report), Chevron Corp. (NYSE:CVX-Free Report) and Valero Energy Corp (NYSE:VLO-Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
Here are highlights from Tuesday's Analyst Blog:
Oil & Gas Stock Roundup
Oil prices suffered another weekly loss, slumping to a two-month low as geopolitical forces played their part in dampening sentiments. While tensions over Iraq subsided to ease supply concerns in the Middle East, the resumption of output from Libya's largest oilfield also pressured crude. Additionally, a smaller-than-expected drop in oil stockpiles and concerns about the European banking system dragged down the commodity.
However, some of the negative sentiment was counterbalanced by the robust initial claims numbers and positive vibes from the Federal Reserve's policy meeting. By the end of trading on Friday in New York, West Texas Intermediate (WTI) crude futures were down 2.8% during the week to close at $100.83 per barrel.
Natural gas fared even worse, hitting a six-month low over the course of the week on a larger-than-average supply gain. This was further aggravated by expectations of tepid electric power demand with forecasts of cooler weather conditions across most parts of the Midwest and Northeast U.S. Natural gas prices ended Friday at $4.15 per million Btu (MMBtu), down 5.1% over the week. (See last to last week's recap here: Crude Falls Further, Chesapeake Completes Spin-Off)
Recap of the Week's Most Important Stories
1. Whiting Petroleum Corp. (NYSE:WLL-Free Report) announced that it will acquire Kodiak Oil & Gas Corp. (NYSE:KOG-Free Report) in a transaction valued at $6 billion, comprising $3.8 billion in stock and $2.2 billion of debt assumption of Kodiak. The transaction, uniting the two Denver, CO-based exploration and production companies, would make the combined entity the largest producer in the North American prolific shale play Bakken and Three Forks. (Read More: Whiting Petroleum to Buy Kodiak, Become Top Bakken Producer)
2. Oilfield services behemoth Halliburton Co. (NYSE:HAL-Free Report) declared that it has entered into a deal with Petrotech (Xinjiang) Engineering Co Ltd., a unit of China-based SPT Energy Group Inc. that provides oilfield technical services. Per the agreement, both companies will form a joint venture (JV) firm − Xinjiang HDTD Oilfield Services Co. Ltd. – which will conduct hydraulic fracturing and production enhancement operations to exploit tight oil and gas reserves in the Chinese province of Xinjiang. (Read More: Halliburton, Petrotech in JV to Tap Chinese Oil & Gas Reserves)
3. U.S. energy major Chevron Corp. (NYSE:CVX-Free Report) issued a second-quarter 2014 interim update covering the first two months of the quarter. The company expects earnings to increase sequentially. This quarterly growth is attributable to gains from asset sales (mainly upstream-related assets) and an absence of impairment charges. However, foreign exchange losses are expected to widen from the first-quarter level. (Read More: Chevron Q2 Interim Update Hints at Sequential Earnings Rise)
4. U.S. refining company Valero Energy Corp's (NYSE:VLO-Free Report) share price fell 3.4% in after hours trading following its second quarter guidance. Valero said that though it expected to post higher second-quarter 2014 income than a year ago, the profit would be lower than street expectations mainly due to seasonal weakness in its biggest Gulf Coast market.
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
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