Energy Stocks Drag Wall Street Lower: BP, RIG, APC, COG
Tuesday, June 22, 2021 3:35 PM

Related Stories



Energy stocks plunged on Tuesday after the White House said it would immediately appeal a federal judge's ruling against a six-month ban on new deepwater drilling projects.

New Orleans U.S. District Judge Martin Feldman on Tuesday overturned the six-month moratorium on new deepwater drilling projects imposed by the Obama administration and said that the government's action were "arbitrary and capricious." 

"The Deepwater Horizon oil spill is an unprecedented, sad, ugly and inhuman disaster," he wrote. "What seems clear is that the federal government has been pressed by what happened on the Deepwater Horizon into an otherwise sweeping confirmation that all Gulf deepwater drilling activities put us all in a universal threat of irreparable harm."

Energy stocks also came under pressure after crude oil futures settled 1% lower. 

Shares of BP plc (NYSE: BP) plunged 2.11% to $29.69 in late afternoon trading.

Transocean Ltd. (NYSE: RIG), which leased the Deepwater rig to BP, tumbled 2.52% to $52.55.

Anadarko Petroleum Corporation (NYSE: APC), which has a 25 percent stake in the well, slumped 4.45% to $41.51.

Shares of Cabot Oil & Gas Corp (NYSE: COG) shares slid 7.48% to $33.23.

Disclosure: Author doesn’t own any of the stocks discussed here.


 

Sponsors

Symbol :

Advertisement

Market news:

  • ETF Update: SCO, UCO, SPY Jun 23, 2021 08:14 PM

    ProShares UltraShort DJ AIG Crude Oil (NYSEArca: SCO) was the biggest gainer among the ETFs on Wednesday.

  • After-Hours Update: Dell, Google, LDK Solar Jun 23, 2021 07:25 PM

    Dell Inc. (NASDAQ: DELL): After the closing bell on Wednesday, the pc maker said that it expects revenue for fiscal 2011 to increase 14 to 19 percent over fiscal 2010.

  • Earnings Roundup: NKE, BBBY, DRI, PAYX, MLHR Jun 23, 2021 06:34 PM

    Nike Inc. (NYSE: NKE) said Wednesday that its fiscal fourth-quarter profit jumped 53% from a year ago, helped by strong sales growth and margin expansion.

  • Stocks Hitting 52-Week Highs: RHT, VRX Jun 23, 2021 03:56 PM

    Following is a brief list of stocks touching 52-week highs in intra-day trading on Wednesday, June 23, 2010:

  • Stocks Hitting 52-Week Lows: DRYS, SCHW, BKS, IPI Jun 23, 2021 03:46 PM

    DryShips, Inc. (NASDAQ: DRYS): Shares of the Greek drybulk shipper hit a 52-week low of $3.83 on Wednesday. The benchmark Baltic Dry Index (BDI) fell for the 19th consecutive session today in London, its longest losing streak since April of last year, according to Bloomberg

More news


Advertisement

    Closest Estimates

User SymbolConsen EPSEstimate EPSActual EPS
Jim OPNT$0.10$0.09$0.07
XXXXX MNT$0.33$0.33$0.35
XXXXX OPNT$0.10$0.05$0.07
XXXXX PETM$0.33$0.33$0.34
XXXXX JBX$0.70$0.82$0.80
XXXXX HPQ$0.69$0.70$0.70
XXXXX OPNT$0.10$0.09$0.07
XXXXX CHUX$0.31$0.35$0.36
XXXXX HPQ$0.69$0.70$0.70
XXXXX CRM$0.01$0.00$0.01

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
Richard WXXXXX RIMM$1.34
mikeXXXXX RIMM$1.34
XXXXXXXXXX PIR($0.02)
joe blowXXXXX DLM$0.22
XXXXXXXXXX INTC$0.43
klineXXXXX Q$0.09
XXXXXXXXXX EK($0.31)
asdasd asd DRYS$0.23
XXXXXXXXXX AMAT$0.21
Tim GertinXXXXX AAPL$2.97