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March 10, 2020, 7:02 a.m. EDT

These oil stocks took the biggest beatings after Saudi Arabia shocked the energy market

Forty U.S. energy stocks were down at least 30% Monday

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By Philip van Doorn, MarketWatch


Bloomberg
A pumpjack operates as a drill rig sits on a well pad in the Bakken Formation in Williston, North Dakota.

(Updates story with closing index, commodity and stock prices, and commentary from Pictet’s Luca Paolini.)

Energy stocks plunged Monday after Saudi Arabia said it would lower prices and increase production even as demand for oil has weakened.

The scope of the bloodletting was epic.

The S&P 500 energy sector tumbled 20%, as West Texas crude oil for April delivery /zigman2/quotes/211629951/delayed CL.1 -0.47%  fell 25% to settle at $31.13 a barrel. That was the largest one-day price drop for oil since 1991.

Among broader indexes, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.03%  skidded 2,014 points (or 7.8%) to close at 23,851.02. The S&P 500 Index /zigman2/quotes/210599714/realtime SPX +0.01%  was down 7.6% and ended 18.9% below its Feb. 19 closing high. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.30%  dropped 7.3% Monday.

William Watts explained how Saudi Arabia’s oil shock rattled global financial markets. Here’s a list of banks with high levels of credit exposure to the energy industry.

“We will see a bear-market rally in the short term” following Monday’s “brutal action,” Luca Paolini, chief strategist at Pictet Asset Management in London, said in an interview.

Even so, investors won’t see a bottom for U.S. stocks until domestic economic reports begin to show signs of weakness, he said.

“About 40% of the global economy is contracting,” including China, Japan, Italy and several other countries, he said.

Expanding our review to the S&P 1500 energy sector (drawn from the S&P 500 Index /zigman2/quotes/210599714/realtime SPX +0.01% , the S&P Mid Cap 400 Index /zigman2/quotes/219506813/composite MID +0.84%  and the S&P Small Cap 600 Index /zigman2/quotes/210599868/delayed SML -0.37% ), here are the 45 U.S.-traded energy stocks that fell at least 30% Monday: 

Company Ticker Price change - March 9, 2020 Price change since Feb. 19 Decline from 52-week high Price change - 2020 Price change - 2019
Callon Petroleum Co. /zigman2/quotes/201917664/composite CPE -69.3% -86.7% -95.3% -91.7% -25.6%
SM Energy Co. /zigman2/quotes/209677692/composite SM -64.4% -85.3% -92.8% -87.9% -27.4%
Matador Resources Co. /zigman2/quotes/204387276/composite MTDR -64.2% -82.1% -89.5% -87.0% 15.7%
Oasis Petroleum Inc. /zigman2/quotes/222659909/composite OAS -61.7% -84.9% -95.4% -89.9% -41.0%
QEP Resources Inc. -58.7% -78.7% -93.0% -86.8% -20.1%
Apache Corp. /zigman2/quotes/200648444/composite APA -54.7% -67.1% -75.4% -63.3% -2.5%
HighPoint Resources Corp. -54.4% -82.5% -94.0% -88.9% -32.1%
U.S. Silica Holdings Inc. /zigman2/quotes/206361964/composite SLCA -53.0% -74.5% -91.8% -75.0% -39.6%
Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY -52.9% -70.2% -81.6% -69.3% -32.9%
Penn Virginia Corp. -48.9% -68.3% -90.5% -81.7% -43.9%
PDC Energy Inc. /zigman2/quotes/202777853/composite PDCE -48.2% -67.4% -84.6% -72.1% -12.1%
Oil States International Inc. /zigman2/quotes/200852543/composite OIS -48.1% -72.4% -85.5% -81.1% 14.2%
Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO -47.4% -65.7% -81.0% -73.6% -5.3%
Valaris PLC Class A /zigman2/quotes/226519487/composite VAL -47.0% -76.8% -93.3% -81.3% -53.9%
Nabors Industries Ltd. /zigman2/quotes/202661377/composite NBR -47.0% -77.5% -87.5% -82.3% 44.0%
Tetra Technologies Inc. /zigman2/quotes/209715792/composite TTI -46.5% -60.3% -79.7% -72.4% 16.7%
WPX Energy Inc. -46.4% -71.3% -77.3% -74.6% 21.1%
Newpark Resources Inc. /zigman2/quotes/208967974/composite NR -45.3% -62.1% -83.1% -74.2% -8.7%
Patterson-UTI Energy Inc. /zigman2/quotes/204120302/composite PTEN -44.7% -67.8% -85.4% -77.3% 1.4%
Diamondback Energy Inc. /zigman2/quotes/201200230/composite FANG -44.6% -66.1% -76.4% -71.1% 0.2%
Denbury Resources Inc. -44.6% -66.8% -88.0% -77.2% -17.5%
Helix Energy Solutions Group Inc. /zigman2/quotes/201162236/composite HLX -44.5% -67.8% -71.2% -70.1% 78.0%
Apergy Corp. -44.2% -65.8% -80.1% -74.4% 24.7%
Core Laboratories NV /zigman2/quotes/207238091/composite CLB -43.3% -58.7% -82.1% -64.1% -36.9%
Green Plains Inc. /zigman2/quotes/204775795/composite GPRE -43.2% -57.4% -67.5% -62.6% 17.7%
Murphy Oil Corp. /zigman2/quotes/209008919/composite MUR -42.5% -59.2% -70.7% -66.0% 14.6%
ProPetro Holding Corp. /zigman2/quotes/208880046/composite PUMP -41.8% -62.5% -84.1% -64.2% -8.7%
Oceaneering International Inc. /zigman2/quotes/207545163/composite OII -41.2% -64.1% -77.4% -67.8% 23.2%
Laredo Petroleum Inc. /zigman2/quotes/201779769/composite LPI -40.1% -72.3% -88.5% -85.4% -20.7%
Whiting Petroleum Corp. /zigman2/quotes/204602363/composite WLL -40.0% -73.5% -97.4% -89.1% -67.7%
Ring Energy Inc. /zigman2/quotes/203476774/composite REI -39.3% -65.8% -90.0% -75.4% -48.0%
Cimarex Energy Co. /zigman2/quotes/205517948/composite XEC -38.4% -63.0% -79.6% -71.4% -14.9%
Transocean Ltd. /zigman2/quotes/208905612/composite RIG -38.3% -65.2% -84.6% -78.1% -0.9%
Oneok Inc. /zigman2/quotes/205201756/composite OKE -37.8% -50.4% -51.5% -49.6% 40.3%
Halliburton Co. /zigman2/quotes/210488727/composite HAL -37.6% -63.4% -74.8% -66.7% -7.9%
Devon Energy Corp. /zigman2/quotes/209479244/composite DVN -37.5% -63.2% -76.4% -67.8% 15.2%
Pioneer Natural Resources Co. /zigman2/quotes/206736173/composite PXD -37.0% -53.1% -62.8% -56.2% 15.1%
Noble Corp. PLC /zigman2/quotes/225474075/composite NE -34.9% -65.8% -91.3% -77.0% -53.4%
Source: FactSet

You can click on the tickers for more about each company.

Don’t miss: You should avoid shares of these banks with too much oil and gas exposure

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Rev. per Employee
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+1.11 +1.66%
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Rev. per Employee
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+0.46 +0.35%
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Dividend Yield
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$ 4.22
+0.02 +0.48%
Volume: 1.17M
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Rev. per Employee
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$ 24.52
-0.18 -0.73%
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P/E Ratio
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Dividend Yield
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Rev. per Employee
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$ 33.00
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Dividend Yield
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+1.05 +3.07%
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US : U.S.: NYSE
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US : U.S.: NYSE
$ 62.75
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US : U.S.: NYSE
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Dividend Yield
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$ 4.02
-0.19 -4.51%
Volume: 2.77M
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P/E Ratio
19.16
Dividend Yield
N/A
Market Cap
$428.94 million
Rev. per Employee
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-2.80 -3.11%
Volume: 0.00
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P/E Ratio
N/A
Dividend Yield
1.24%
Market Cap
$8.97 billion
Rev. per Employee
$2.98M
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US : U.S.: NYSE
$ 3.90
-0.09 -2.26%
Volume: 13.55M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.66 billion
Rev. per Employee
$450,090
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US : U.S.: NYSE
$ 63.54
+0.25 +0.40%
Volume: 2.21M
May 20, 2022 4:00p
P/E Ratio
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Dividend Yield
5.89%
Market Cap
$28.38 billion
Rev. per Employee
$6.89M
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US : U.S.: NYSE
$ 36.70
+0.64 +1.77%
Volume: 9.70M
May 20, 2022 4:00p
P/E Ratio
21.22
Dividend Yield
1.31%
Market Cap
$33.10 billion
Rev. per Employee
$403,200
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/zigman2/quotes/209479244/composite
US : U.S.: NYSE
$ 69.92
+0.41 +0.59%
Volume: 12.97M
May 20, 2022 4:00p
P/E Ratio
13.19
Dividend Yield
5.15%
Market Cap
$46.15 billion
Rev. per Employee
$10.01M
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US : U.S.: NYSE
$ 266.48
+1.06 +0.40%
Volume: 1.66M
May 20, 2022 4:00p
P/E Ratio
16.25
Dividend Yield
6.54%
Market Cap
$64.48 billion
Rev. per Employee
$10.85M
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/zigman2/quotes/225474075/composite
US : U.S.: NYSE
$ 31.91
-0.74 -2.27%
Volume: 783,191
May 20, 2022 4:00p
P/E Ratio
28.96
Dividend Yield
N/A
Market Cap
$2.08 billion
Rev. per Employee
$493,401
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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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