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Sept. 17, 2019, 7:37 a.m. EDT

These oil stocks rise the most after supply disruption in the Middle East

There were 39 energy companies in the S&P Composite 1500 with double-digit share-price increases

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By Philip van Doorn, MarketWatch


AP
Smoke from a fire at the Abqaiq oil processing facility in Buqyaq, Saudi Arabia.

(Updated with market close information.)

Shares of energy companies shot up Monday in the wake of the aerial attack on Saudi Arabia’s Abqaiq oil facility. That led to the suspension of about 5% of world oil production, the largest supply disruption ever.

Phil Flynn, a senior market strategist with the Price Futures group who writes a daily energy report , said that even though the oil-supply disruption from the weekend attack was larger than those suffered during the Gulf War in 1991 or Iran’s revolution in 1979, this cut is “a little less ominous” because the size of the oil market is so much larger today.

More coverage of the oil supply disruption:

• A jump in oil prices is creating trading opportunities in these investments

• Stocks tend to rise in months after a big oil-price jump — but beware the drawdowns

• Why the Saudi oil attack is a ‘big deal’ that could be a ‘game changer’ in stock markets and crude prices

• Here are the three key times the U.S. tapped into its massive emergency-oil reserves

• Why Saudi Arabia’s output hit won’t lead to shocking prices at the gas pump

West Texas crude oil for October delivery  rose 14.7% to settle at $62.90 a barrel, for its largest one-day gain for the most active contract since Sept. 22, 2008, according to Dow Jones Market Data. Brent crude oil for November  settled at $69.02 a barrel, for a 14.6% gain — its largest on record.

The SPDR Energy ETF /zigman2/quotes/206420077/composite XLE -0.37%  was up 3.4%. Shares of Exxon Mobil /zigman2/quotes/204455864/composite XOM +0.54% , which make up 23% of the ETF, were up 1.5%, while Chevron /zigman2/quotes/205871374/composite CVX -0.71% , which makes up 21% of the ETF, rose 2.2%.

Some heavily shorted oil companies saw much larger gains as investors rushed to cover their positions and avoid losses. An example was Carrizo Oil & Gas , which had 39% of shares available for trading sold-short, according to FactSet. The shares shot up 19.5% to close at $10.22, but were still down 62% from the 52-week intraday high of $26.67 set on Sept. 25, 2018.

There are 89 companies in the energy sector of the S&P 1500, which itself is made up of the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.58% , the S&P 400 Mid-Cap Index /zigman2/quotes/219506813/composite MID +2.40% and the S&P Small-Cap 600 Index /zigman2/quotes/210599868/delayed SML -0.49%

Here are the 39 energy companies in the S&P 1500 whose shares were up at least 10% on Monday:

Company Ticker Price change - Sep. 16, 2019 Price change - 2019 Decline from 52-week high
Whiting Petroleum Corp. /zigman2/quotes/204602363/composite WLL 49.1% -50.4% -79.6%
Unit Corp. 36.7% -68.2% -84.4%
HighPoint Resources Corp. 32.4% -26.1% -66.8%
SM Energy Co. /zigman2/quotes/209677692/composite SM 31.0% -18.3% -62.6%
Oasis Petroleum Inc. /zigman2/quotes/222659909/composite OAS 29.0% -13.2% -67.1%
Denbury Resources Inc. 27.0% -9.4% -77.0%
QEP Resources Inc. 22.1% -11.5% -58.7%
Valaris PLC Class A /zigman2/quotes/226519487/composite VAL 21.4% -45.9% -79.7%
Murphy Oil Corp. /zigman2/quotes/209008919/composite MUR 21.1% 6.7% -31.7%
Patterson-UTI Energy Inc. /zigman2/quotes/204120302/composite PTEN 21.0% 6.5% -40.1%
Ring Energy Inc. /zigman2/quotes/203476774/composite REI 19.7% -65.4% -85.1%
Carrizo Oil & Gas Inc. 19.5% -9.5% -61.7%
RPC Inc. /zigman2/quotes/201485709/composite RES 19.3% -31.6% -60.8%
Superior Energy Services Inc. 18.5% -88.1% -96.4%
Nabors Industries Ltd. /zigman2/quotes/202661377/composite NBR 18.3% 36.0% -59.1%
Callon Petroleum Co. /zigman2/quotes/201917664/composite CPE 18.0% -18.0% -59.4%
Apache Corp. /zigman2/quotes/200648444/composite APA 16.9% 8.4% -43.1%
Gulfport Energy Corp. /zigman2/quotes/226807363/composite GPOR 16.8% -46.9% -70.9%
Chesapeake Energy Corp. /zigman2/quotes/224537584/composite CHK 15.7% -1.9% -58.6%
U.S. Silica Holdings Inc. /zigman2/quotes/206361964/composite SLCA 15.6% 23.7% -40.4%
Matador Resources Co. /zigman2/quotes/204387276/composite MTDR 15.0% 22.3% -45.6%
Laredo Petroleum Inc. /zigman2/quotes/201779769/composite LPI 14.6% -15.5% -66.1%
Helmerich & Payne Inc. /zigman2/quotes/209685666/composite HP 14.3% -1.1% -35.7%
Transocean Ltd. /zigman2/quotes/208905612/composite RIG 13.6% -6.2% -55.0%
Diamond Offshore Drilling Inc. /zigman2/quotes/226887697/composite DO 13.3% -7.7% -58.2%
WPX Energy Inc. 12.8% 9.2% -40.4%
Devon Energy Corp. /zigman2/quotes/209479244/composite DVN 12.2% 24.8% -33.0%
Cimarex Energy Co. /zigman2/quotes/205517948/composite XEC 12.1% -12.8% -46.9%
Apergy Corp. 12.0% 18.9% -30.1%
Range Resources Corp. /zigman2/quotes/205059849/composite RRC 11.7% -46.0% -72.2%
Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO 11.6% -1.2% -41.4%
SRC Energy Inc 11.2% 22.6% -38.0%
Hess Corp. /zigman2/quotes/203832174/composite HES 11.2% 73.6% -6.0%
Halliburton Co. /zigman2/quotes/210488727/composite HAL 11.0% -15.4% -47.2%
Penn Virginia Corp. 10.7% -33.3% -59.1%
PDC Energy Inc. /zigman2/quotes/202777853/composite PDCE 10.6% 21.5% -32.4%
Core Laboratories NV /zigman2/quotes/207238091/composite CLB 10.4% -13.2% -57.6%
Bonanza Creek Energy Inc 10.4% 25.8% -16.2%
C&J Energy Services Inc. 10.0% -9.9% -47.6%
Source: FactSet

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Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York.

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