NEW YORK, August 4, 2016 /PRNewswire/ --
Demand for oil continues to rise as prices remain low. As a result, Oil and Gas Drilling and Exploration companies are taking necessary steps in order to cut spending and production. Stock-Callers.com takes a look at how these factors are affecting the following companies: Seadrill Partners LLC (NYSE: SDLP), Unit Corp. (NYSE: UNT), Pioneer Energy Services Corp. (NYSE: PES), and Northern Oil and Gas Inc. (NYSE MKT: NOG). Register now and get full and free access to our downloadable research reports on these stocks at:
Shares in London, the U.K. headquartered Seadrill Partners LLC ended Wednesday's session at $3.89, soaring 9.27%. The stock recorded a trading volume of 1.51 million shares, which was above its three months average volume of 1.26 million shares. The Company's shares have gained 21.69% on an YTD basis. The stock is trading 19.59% below its 200-day moving average. Moreover, shares of Seadrill Partners, which owns, operates, and acquires offshore drilling units, have a Relative Strength Index (RSI) of 33.34.
On July 26th, 2016, Seadrill Partners announced that it will reduce the quarterly distribution to its common unit-holders to $0.10 per unit, down from the current quarterly level of $0.25 per unit. The decision to reduce the distribution level reflects the increase in the extended standby rate period for the West Capricorn and the termination of the drilling contract for the West Capella. Despite some contract cancellations for which termination payments are being received, the Company still has an average contact term of 2.7 years, total contract backlog of $3.4 billion and 64% of its rigs on contract until 2018.
On July 26th, 2016, research firm Morgan Stanley downgraded the Company's stock rating from 'Overweight' to 'Equal-Weight'. Access our complete research report on SDLP for free at:
Tulsa, Oklahoma-based Unit Corp.'s stock jumped 8.97%, closing the day at $12.64 with a total volume of 787,309 shares traded. The Company's shares have advanced 13.87% in the previous three months and 3.61% since the start of this year. The stock is trading 3.33% above its 200-day moving average. Additionally, shares of Unit Corp., which together with its subsidiaries, operates as an oil and natural gas contract drilling company primarily in the U.S., have an RSI of 43.94. The complimentary research report on UNT can be downloaded at:
Pioneer Energy Services
On Wednesday, shares in San Antonio, Texas headquartered Pioneer Energy Services Corp. recorded a trading volume of 1.48 million shares, which was higher than their three months average volume of 965,660 shares. The stock ended the day 5.05% higher at $2.91. The Company's shares have gained 34.10% on an YTD basis and are trading above their 200-day moving average by 8.77%. Furthermore, shares of Pioneer Energy Services, which provides land-based drilling and production services to oil and gas exploration and production companies in the U.S. and Colombia, have an RSI of 29.02.
On July 18th, 2016, research firm Wells Fargo upgraded the Company's stock rating from 'Market Perform' to 'Outperform'.
On July 28th, 2016, Pioneer Energy Services reported that revenues for Q2 2016 were $62.3 million, down 54% from revenues of $135.0 million in Q2 2015. The company stated that revenue decline from the year earlier quarter was due to reduced activity and pricing as a result of lower demand for company's services resulting from lower oil and gas prices. Pioneer Energy Services reported that net loss for Q2 2016 was $30.0 million, or $0.46 per share, compared with net loss of $77.3 million, or $1.20 per share, in the year earlier quarter. Register for free on Stock-Callers.com and get access to the latest PDF format report on PES at:
Northern Oil and Gas
Wayzata, Minnesota-based Northern Oil and Gas Inc.'s stock climbed 5.23%, finishing yesterday's session at $3.62. A total volume of 1.49 million shares was traded, which was above their three months average volume of 679,740 shares. The Company's shares are trading below their 200-day moving average by 14.86%. Additionally, shares of Northern Oil and Gas, which engages in the acquisition, exploration, development, and production of oil and natural gas properties in the U.S., have an RSI of 34.26.
On July 21st, 2016, Northern Oil and Gas announced that it expects to release its Q2 2016 financial and operating results on August 4th, 2016 after market close. Additionally, the Company plans to host a conference call on August 5th, 2016 at 10:00 AM Central Time. Download your free research report on NOG at:
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