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Crude, downgrades hurt oil stocks EKN downgrades oil-service group By Lisa Sanders, MarketWatch Last Update: 10:15 AM ET March 23, 2005 DALLAS (MarketWatch) -- Oil and gas stocks declined broadly Wednesday as crude futures slipped ahead of the weekly inventory reports and Ehrenkrantz King Nussbaum downgraded the oil-service sector. XLE Sel Sector:Energy SPDR 42.2 -1.59% XLU Sel Sector:Util SPDR 28.2 -1.26% IYE iShares: Dow US Energy 74.6 -1.67% IXC iShares:S&P Glbl Enrgy 82.78 -1.28% OIH Oil Service HOLDRS 93.86 -2.24% IDU iShares: Dow US Utl 69.76 -1.39% IGE iShares:GS Ntrl Rs Idx 146.12 -1.55% UTH Utilities HOLDRS 99.39 -1.30% The Amex Oil Index (XOI: news, chart, profile) stood at 842.98 points, down 1.2 percent; the Amex Natural Gas Index (XNG: news, chart, profile) shed 1.6 percent to 318.57 points; and the Philadelphia Oil Service Index (OSX: news, chart, profile) slid 2.2 percent to 135.99 points. May crude fell 1.6 percent, or 91 cents, to $55.12 a barrel. Natural gas lost 8.3 cents to $7.165 per million British thermal units. On the heels of bullish comments about the oil-service sector Tuesday, Ehrenkrantz analyst Prabhas Panigrahi downgraded the group, recommending investors sell into strength. "Although oil and gas prices are likely to remain robust in the short-term and the oilfield service sector may continue to take advantage of its pricing strength through increased capacity utilization, we believe...that the sector`s risk/reward tradeoff has turned negative from neutral," he said in a note to clients. He downgraded 18 names, including Baker Hughes (BHI: news, chart, profile) , Noble Corp. (NE: news, chart, profile) , and Weatherford International (WFT: news, chart, profile) . All were trading lower in morning trading. |
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| aus der Diskussion: | Wochenthread Charttechnik KW 12 / 2005 |
| Autor (Datum des Eintrages): | kajahh (23.03.05 16:21:35) |
| Beitrag: | 74 von 113 (ID:16209510) |
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