Bulletin
Investor Alert

New York Markets Close in:

Market Pulse Archives

March 16, 2021, 12:56 p.m. EDT

Energy sector suffers broad selloff, as NOV's stock tumble and crude oil decline weigh

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NOV Inc. (NOV)
  • X
    Energy Select Sector SPDR ETF (XLE)
  • X
    Exxon Mobil Corp. (XOM)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

The energy sector was suffering a broad selloff, and was the leading loser of the S&P 500's 11 key sectors, weighed down by a revenue warning from NOV Inc. /zigman2/quotes/208758290/composite NOV -2.30% and a drop in crude oil prices. The SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE -1.17% shed 2.3% in midday trading, with all 23 equity components losing ground, while the S&P 500 ticked up less than 0.1%. NOV's stock tumbled 9.3% to pace the declines, after the provider of equipment to the oil and gas industry said it now expects first-quarter revenue of between $1.20 billion and $1.25 billion, below the FactSet consensus of $1.32 billion, as severe weather in Texas and Oklahoma, and continued negative effects of the COVID-19 pandemic, led to softer-than-anticipated customer orders. Among other more-active energy ETF components, shares of Exxon Mobile Corp. /zigman2/quotes/204455864/composite XOM -0.95% shed 1.8%, Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO -3.08% lost 3.9%, Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY -4.44% dropped 2.4%, Chevron Corp. /zigman2/quotes/205871374/composite CVX -0.53% declined 2.0% and Kinder Morgan Inc. /zigman2/quotes/208455654/composite KMI -0.69% gave up 1.9%. Meanwhile, crude oil futures /zigman2/quotes/209723049/delayed CL00 -3.21% fell 1.2%, amid expectations that U.S. crude supplies rose for a fourth straight week.

/zigman2/quotes/208758290/composite
US : U.S.: NYSE
$ 16.56
-0.39 -2.30%
Volume: 1.36M
May 13, 2021 11:57a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.62 billion
Rev. per Employee
$219,789
loading...
/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 51.91
-0.62 -1.17%
Volume: 11.45M
May 13, 2021 11:57a
loading...
/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 59.47
-0.57 -0.95%
Volume: 10.36M
May 13, 2021 11:57a
P/E Ratio
N/A
Dividend Yield
5.83%
Market Cap
$254.18 billion
Rev. per Employee
$2.47M
loading...
/zigman2/quotes/205031829/composite
US : U.S.: NYSE
$ 11.19
-0.36 -3.08%
Volume: 7.95M
May 13, 2021 11:57a
P/E Ratio
N/A
Dividend Yield
1.18%
Market Cap
$9.10 billion
Rev. per Employee
$1.85M
loading...
/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 24.01
-1.12 -4.44%
Volume: 8.05M
May 13, 2021 11:57a
P/E Ratio
N/A
Dividend Yield
0.17%
Market Cap
$23.45 billion
Rev. per Employee
$1.45M
loading...
/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 106.80
-0.57 -0.53%
Volume: 3.75M
May 13, 2021 11:57a
P/E Ratio
N/A
Dividend Yield
5.01%
Market Cap
$207.52 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/208455654/composite
US : U.S.: NYSE
$ 17.98
-0.13 -0.69%
Volume: 4.70M
May 13, 2021 11:57a
P/E Ratio
22.49
Dividend Yield
5.99%
Market Cap
$40.99 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 63.96
-2.12 -3.21%
Volume: 319,377
May 13, 2021 11:47a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.