As for the Energy sector, this past week started off well but ended poorly with some stocks taking a beating Thursday and Friday. This year’s high fliers, CRC and WLL, took the biggest moves lower and in general, the outperformers over the past three months found themselves towards the bottom of the list. Crude oil falling over 2% on Friday will do that, but we’re encouraged by some Permian producers holding ground.
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Happy Sunday and welcome back to the Jam. This past week, we traveled to Texas, visiting clients and companies and had a good back and forth on Permian infrastructure over a BBQ lunch with Keith, following the PAA/PAGP analyst day. Thanks to our clients for providing some feedback on the “good” Texas music recommendations last week and I share World Cup memories and thoughts too.
Happy Sunday and thanks for the feedback on our Miley-Taylor Index. Apologies if I got Party In The U.S.A stuck in your head, but for the week, Team Miley was +6% over Team Taylor. Overall it was an up and down week, but Energy was +2% vs. the S&P500, an encouraging sign considering some skittishness around supply trends leading up to the June 22nd OPEC meeting and WTI down almost -1.5% on the week.
Welcome to the unofficial start of Summer! Hopefully you have something brewing for the holiday weekend to take your mind away from the sea of red on Friday. Here at Wolfe, we’re keeping the vibe going into the week with the 10th Year Anniversary Party on Thursday, an event we hope to see a few of you at. This week also marks my first anniversary at Wolfe and with that, we figured there is no better time to launch a new product.
Busy week here at Wolfe but it was a good week. CXO management meetings in Toronto on Monday (05/14/18). Large Cap transition on Tuesday (05/15/18). Webcast on Wednesday (05/16/18). NYC marketing on Thursday (05/17/18). Plymouth martini, dry, with a twist on Friday (05/18/18).
Happy Mother’s Day! We hope everyone is set to enjoy their Sunday brunches with family today (05/13/18) and if you forgot a card for you mother, grandmother, wife, aunt, or friend, let this be a reminder to sneak out and get one…
Keep on, keep trucking. Good stuff. – Frank The Tank in Old School
Azaleas. Patrons. Pimento cheese and egg salad sandwiches. Domestic or import beer.
New DJ here for your Wolfe Energy weekend thoughts and since many of you are in New Orleans or heading there shortly, what better way to enjoy your Sunday reading than hearing some brass music straight from the Crescent City. One of my favorites is the Hot 8 Brass Band whose two most famous songs are different takes of Marvin Gaye and Snoop Dogg classics, but if you like to go other routes, I’m also a fan of The Meters and I threw in a Trombone Shorty link as well.
Despite the wide-ranging equity performance last week with NBL and CHK the top two stocks in the S&P 500 and DVN amongst the bottom five, the E&Ps finished on a high note and we see the positive momentum carrying through the last week of earnings. There’s a bit of everything this week including small cap Permian growth, asset divestiture updates, natural gas restructuring, and sector bellwether EOG right in the middle. Quick takes below with full details within.
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