Oppenheimer is bearish on the US energy sector, giving Occidental Petroleum and four other stocks a "sell" rating
Oppenheimer analysts have downgraded the rating of the US energy sector from "hold" to "sell". In a technical analysis report, the analysts stated, "With the favorable factors of previous inflation basically disappearing, the number of stocks in this sector currently trading above the 200-day moving average is at a minimum." Data as of August 19th showed that 48% of stocks in the energy sector were trading above their 200-day moving average. The energy index ETF-SPDR previously experienced a "false breakout" and subsequently showed relatively weak performance. The ETF fell by 0.86% compared to a month ago, but still has accumulated a 8.75% gain year-to-date. The analysts stated, "The failed breakout in the energy sector in April indicates exhaustion in market buying interest." Specifically for individual stocks, Oppenheimer issued "sell" ratings for Apache Corporation, Chevron, Halliburton, and Occidental Petroleum
According to the Zhitong Finance and Economics APP, Oppenheimer analysts have downgraded the rating of the US energy sector from "hold" to "sell".
In a technical analysis report, the analysts stated, "With the favorable factors of previous inflation basically disappearing, the number of stocks in this sector currently trading above the 200-day moving average is the lowest."
As of August 19th, data shows that 48% of stocks in the energy sector are trading above their 200-day moving average.
The Energy Index ETF-SPDR (XLE.US) previously experienced a "false breakout" and subsequently showed relatively weak performance. The ETF has fallen by 0.86% compared to a month ago, but still has accumulated a 8.75% increase year-to-date.
The analysts mentioned, "The failed breakout in the energy sector in April indicates exhaustion in buying interest in the market."
Specifically, Oppenheimer has given "sell" ratings to Apache Corporation (APA.US), Chevron Corporation (CVX.US), Halliburton Company (HAL.US), and Occidental Petroleum Corporation (OXY.US)