| CONSOL Energy Fell 21.2%: It Was SPY’s Top Loser | |
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Economic Data and Oil Prices Take SPY and EWU Down (Continued from Prior Part) CONSOL Energy fell 21.2%
The energy sector had the top losers again due to the fall in the oil prices. The US government’s plan to sell oil from its SPR (Strategic Petroleum Reserve) was included in the government bill dated Monday, October 26. The sale proceeds from the SPR will start by 2018 and end by 2025. The US government decided on this move to reduce its deficit. Traders anticipated additional supply glut in oil. This caused the oil spot prices and futures prices to move lower. This situation led to the fall in the energy sector’s stock prices.
The above graph shows CONSOL Energy’s (CNX) performance since July 2015.
CONSOL Energy fell by 21.2% on October 27. It was the SPDR S&P 500 ETF’s (SPY) biggest loser. The company released its third quarter results on the day. It reported a loss of $0.28 per share compared to a forecasted loss of $0.05 per share. The stock is rated as a “sell” by many analysts. The earnings miss, combined with the energy sector woes, weighed down CONSOL Energy on Tuesday.
Meanwhile, oil and gas refining and material stocks benefited from fall in the oil prices. Since cheap oil is a raw material to these refineries, the companies’ profit margins rose. As a result, Valero Energy (VLO), Tesoro (TSO), Marathon Petroleum (MRO), and Phillips 66 (PSX) stocks rose 0.9%, 1.0%, 0.5%, and 0.7%, respectively, on October 27.
Next, we’ll analyze the performances of the consumer discretionary and industrial sectors in the wake of the soft economic reports.
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : CNX |
ISIN : US20854P1093 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Consol Energy is a producing company based in United states of america. Consol Energy produces coal in USA, and holds various exploration projects in USA. Its main asset in production is BUCHANAN in USA. Consol Energy is listed in Germany and in United States of America. Its market capitalisation is 1.6 billions as of today (€ 1.5 billions). Its stock quote reached its highest recent level on June 06, 2008 at 99.79, and its lowest recent point on April 26, 2019 at 10.00. Consol Energy has 47 442 200 shares outstanding. |