Stone Energy Corporation (NASDAQ: SGY)
Stone Energy Corporation is having yet another incredible day in the market today. Since the open of the market, the stock has been running for the top. Throughout the session, we’ve seen more and more upward movement. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for ahead.
What We’re Seeing From SGY
As mentioned above, Stone Energy Corporation is having another great day in the market today. As soon as the opening bell rang, the stock quickly made a run for the green. Since then, we’ve seen a continuation of the upward trend, leading to more and more gains. At the moment (12:23), SGY is trading at $12.23 per share after a gain of $1.73 per share (27.68%) thus far today.
Why The Stock Is Climbing
Our partners at Trade Ideas have been pinging us about SGY nearly every day recently. The reason for this is simple. The company makes its money in the oil industry. Therefore any good news for the oil industry is good news for the company, and lately there’s been a ton of good news for the oil industry.
Just to name a few topics:
- A couple of weeks ago, OPEC reached an agreement that would cut 1.2 million barrels of oil from global production.
- Shortly following that announcement, we learned that Russia had teamed up with Mexico and others to reduce global production by an additional 550,000 barrels per day.
- Finally, just a couple of days ago, US inventory data came in with a reduction that was about double what was expected.
Between all of this, oil is likely to continue up in value, sending Stone Energy and others in the industry up as well.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SGY and others in the oil and energy industry. At the end of the day, things are shaping up well for the industry as a whole. Nonetheless, we’ll keep a close eye and update you with the news as it breaks!
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