3 Energy Stocks Making Big Moves This Week

This week was a quiet one for the energy sector as there wasn’t a whole lot of news.

However, that didn’t stop some energy stocks from making big

moves this week.

Here’s a closer look at the three energy stocks that made some of the biggest moves this week.

Photo credit: TaxCredits.net

What:This week wasn’t a good one for investors in coal and natural gas producer

CONSOL Energy (NYSE: CNX), which dropped nearly 10% this week.

So What: Key driver: A combination

of factors sent CONSOL Energy’s stock down this week

Natural gas and coal prices weakened

This caused the company’s bonds to trade lower

Now What: The coal market continues

to look bleak, which is impacting all coal stocks

Key takeaway: The weak coal market has investors worried about coal company debt, which is why CONSOL’s debt is falling, and taking its stock price down with it

What:Joining CONSOL in heading lower was offshore driller Seadrill (NYSE: SDRL),

which slumped 14% this week.

So What: Key driver: Seadrill

reported first-quarter results on Thursday

Revenue: $1.24 billion (up 1.6% year-over-year)

EPS: $0.86 (beat by $0.23 per share)

Now What: First-quarter results were as

good as could be expected considering the downturn in the market

What investors didn’t like was the outlook, which remains challenged into 2016

Key takeaway: The weak outlook give no hint when conditions might improve

What:On a much more positive note, shares of McDermott (NYSE: MDR) surged more

than 14% this week.

So What: Key driver: McDermott

was awarded a large contract by Saudi Aramco

Company to build and install 12 jackets for offshore oil and gas fields in Saudi Arabian waters

Work is scheduled to be complete by early 2016

Now What: This is the second

contract McDermott has been awarded with Saudi Aramco this year

Key takeaway: In a time when few oil projects are moving forward, McDermott is winning key awards

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