Paragon Offshore plc (fka PGNPQ)

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Hot Energy Stocks Now on Wall Street: Paragon Offshore plc (PGN), Penn West Petroleum Ltd. (PWE), Suncor Energy Inc. (SU)

By Daniel Lee • November 13, 2015

Oil prices dropped again on concerns about increasing U.S. supplies, with West Texas intermediate trading below $42 (U.S.) a barrel, a few dollars from August’s 6 1/2-year low.

The impact doesn’t end with oil companies. On Thursday, Finning International Inc. said it will cut 1,100 jobs in Canada and South America – on top of previous downsizing – and close 11 Western Canadian locations due to weaker sales. Finning, which caters to the mining, construction and energy sectors, said that combined with previous branch closings in British Columbia and Alberta, the company’s presence in Western Canada will be reduced by more than 20 per cent by late 2016.

“The adjustments we’ve made suggest that we expect this to go on for a little longer yet,” said Mauk Breukels, Finning vice-president of investor relations.

Exposure to oil and gas investments also caused turbulence in Manulife Financial Corp.’s results. On Thursday, the company announced that its third-quarter profit of $622-million was down 43 per cent from a year earlier, which it said was largely driven by the decline in value attributed to oil and gas investments. This marks the fourth quarter in a row that the company’s results have been dealt a blow by these holdings.

Even Canadian Tire Corp. Ltd., which reported a solid rise in third-quarter profit Thursday, said it has seen weakness in its Alberta sales and a pinch in its Mark’s clothing division, whose sales of high-margin industrial apparel have been squeezed.

More than a year of low prices is hurting others with even a small interest in the fortunes of Canada’s oil and gas industry. Earlier this month, Liquor Stores N.A. Ltd. reported a drop in year-over-year sales for the third quarter, and highlighted softer store results in Northern Alberta oil production hubs such as Fort McMurray and Grande Prairie.

Office tower owners such as Office REIT, Artis REIT and Morguard Corp. have been caught in the downturn and have seen their shares drop as downtown Calgary office workers are laid off and commercial real estate rents plummet.

And as Telus Corp. announced 1,500 job cuts last week, it said it was making the work-force reduction in part to operate more efficiently but also due to “prevailing economic conditions,” citing the broader business market in Canada, and Alberta in particular. Chief executive officer Darren Entwistle noted that the company was not putting major emphasis on recruiting new wireless customers in Alberta “when there’s not a lot of receptivity to that, given the economic duress being experienced in that province.”

While the commodity downturn has put pressure on many businesses, it’s a buying opportunity for others. The Canada Pension Plan Investment Board has been increasing its investments in recent months – including its co-purchase of shale assets in northeast Colorado from an Encana Corp. subsidiary in a deal worth $900-million (U.S.) – and is still hunting for deals.

Paragon Offshore plc (PGN) ended last trading session with a change of -2.45 percent. It trades at an average volume of 1.52M shares versus 1233149 shares recorded at the end of last trading session. The share price of $0.2 is at a distance of 2.68 percent from its 52-week low and down -96.23 percent versus its peak. The company has a market cap of $16.81M and currently has 86.15M shares outstanding. The share price is currently -16.98 percent versus its SMA20, -41.45 percent versus its SMA50, and -83.68 percent versus its SMA200. The stock has a weekly performance of -15.17 percent and is -92.96 percent year-to-date as of the recent close.

Penn West Petroleum Ltd. (PWE) recently recorded -2.44 percent change and currently at $1.2 is 170.53 percent away from its 52-week low and down -72.53 percent versus its peak. It has a past 5-day performance of -13.04 percent and trades at an average volume of 4.22M shares. The stock has a 1-month performance of 3.45 percent and is -40.9 percent year-to-date as of the recent close. There were about 501.20M shares outstanding which made its market cap $601.44M. The share price is currently -2.16 percent versus its SMA20, 33.23 percent versus its SMA50, and -20.98 percent versus its SMA200.

Suncor Energy Inc. (SU) has 1.45B outstanding shares, at current price of $28.1 each. The company now has a market cap of $40.63B after showing a change of -2.4 percent during the last trading session. The share price is currently -3.15 percent versus its SMA20, 1.91 percent versus its SMA50, and -1.31 percent versus its SMA200. The recent price brings its past 5-day performance at -5.93 percent and trades at an average volume of 5.03M shares. The stock is up 17.05 percent from its 52-week low and -20.25 percent versus its peak. It has a 1-month performance of -1.75 percent and is -9.49 percent year-to-date as of the recent close when its volume was 4072229 shares.

http://www.economicnewsdaily.com/hot-energy-stocks-now-on-wall-street-paragon-offshore-plc-pgn-penn-west-petroleum-ltd-pwe-suncor-energy-inc-su/9216727/