Following were the major movers in the oil & gas sector on Wednesday. Make sure to put these on your watchlist for the month of August.
Devon Energy Corp (NYSE:DVN) Stock in a Range
DVN stock is moving within a narrow range over the big earlier this year. The stock ended lower by about 3% to $26.14 in Wednesday’s trading session. More than 7.77 million shares have traded hands, compared to its daily average volume of 10.57 million. The stock opened at $27.02 and moved within a range of $26.09 – 27.40. The stock has been gaining momentum since the beginning of the year with a jump of 62%.
Cabot Oil & Gas Corporation (OTCMKTS:COG) Pulls Back From Highs
COG stock has seen a bit of selling pressure over the past few weeks. The stock fell 3% to $15.03 on Wednesday. Total volume for the session stood at 5.88 million shares, below its average volume of 9.07 million shares. For the second quarter, net income came in at $30.5 million or 8 cents a share, compared to its adjusted net income (non-GAAP) of $105.5 million or $0.26 per share. Second quarter 2021 daily production was 2,205 million cubic feet equivalent (Mmcfe) per day (100 percent natural gas).
Callon Petroleum Company (NYSE:CPE) In Focus After The Recent Fall
CPE stock is seeing profit booking after the recent jump. The stock slid 3.50% to $27.89 in the previous trading session. The stock has fallen about 285 in the past month, but still up 110% so far this year. The stock has a strong support around $26 level and may bounce back. Keep an eye on CPE stock for the quick trade.
Allied Energy Corporation (OTCMKTS:AGYP) is another oil stock to keep on your radar as the stock is in multi-year breakout.
Allied Energy Corp.’s (OTCMKTS: AGYP) long investors are buying the dip as the stock closed yesterday at $0.3710 in light volume of 127,244. Shares on Monday were 8.14% green to reach $0.4000 in heavy trading volume. AGYP reported a positive Q2 financial report which showed a strategy of large cuts in operational and net losses through dramatically cut expenses. Free cash flow created was then reinvested back into the Company’s primary activity: leasing oil wells and applying new technology to make them commercially new again. AGYP’s management team and long term investors see a bright future.
Analyst predictions that AGYP was among oil and gas stocks to watch in August have borne truth. Media reports of the importance of domestic oil and gas was underscored by the scenes in Afghanistan the past few days.