Actionable news
All posts from Actionable news
Actionable news in VNR: Vanguard Natural Resources LLC,

These U.S. oil stocks are soaring after OPEC’s cut — and more gains are on the way

Khalid Al-Falih, Saudi Arabia's energy and industry minister, speaks to journalists ahead of the 171st Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna on Wednesday.

OPEC’s decision to cut oil production for the first time since 2008 triggered euphoria in the stock market Wednesday. And pending earnings-estimate increases from analysts ought to set a floor under the energy sector and support even higher prices for oil stocks.

West Texas crude oil for January delivery CLF7, +4.21% jumped more than 8%, closing near $49 a barrel.

Among the 36 energy stocks in the benchmark S&P 500 Index SPX, -0.32% 16 were up at least 10% on Wednesday. Here they are:

Company Ticker Industry Closing price - Nov. 29 Closing price - Nov. 30 Price increase
Marathon Oil Corp. MRO, +1.58% Oil and Gas Production $14.95 $18.06 21%
Transocean Ltd. RIG, +8.10% Contract Drilling $11.02 $12.90 17%
Newfield Exploration Co. NFX, +4.20% Oil and Gas Production $39.10 $45.22 16%
Murphy Oil Corp. MUR, +0.47% Oil and Gas Production