Energy
Russell Booting Out Speculative Energy Stocks in Rebalances (AXAS, AKNS, AEZ, KAZ, CPE, CFW, CPST, DBLE, EXXI, FTK, GGR, GMET, GRH, TMR, MIND, NCOC, PEIX, QRCP, RAME, TIV, TRMA)
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This year is going to mark a significant change in the Russell rebalance and reconstitution at end of June. Now that oil and other energy related commodities have been cut in half from the year ago highs, we are seeing a significant number of the smaller cap and more speculative companies tied to energy. This is the list of companies which is getting the boot off of the Russell 3000 alone:
Delete ABRAXAS PETROLEUM CORP. (AXAS)
Delete AKEENA SOLAR INC. (AKNS)
Delete AMERICAN OIL & GAS INC. (AEZ)
Delete BMB MUNAI INC. (KAZ)
Delete CALLON PETROLEUM (CPE)
Delete CANO PETROLEUM INC. (CFW)
Delete CAPSTONE TURBINE CORP. (CPST)
Delete DOUBLE EAGLE PETROLEUM (DBLE)
Delete ENERGY XXI (BERMUDA) LTD. (EXXI)
Delete FLOTEK INDS INC. (FTK)
Delete GEOGLOBAL RESOURCES INC. (GGR)
Delete GEOMET INC. (GMET)
Delete GREENHUNTER ENERGY INC. (GRH)
Delete MERIDIAN RESOURCE CORP. (TMR)
Delete MITCHAM INDUSTRIES INC. (MIND)
Delete NATIONAL COAL CORP (NCOC)
Delete PACIFIC ETHANOL INC. (PEIX)
Delete QUEST RESOURCE CORP. (QRCP)
Delete RAM ENERGY RESOURCES INC (RAME)
Delete TRI-VALLEY CORP (TIV)
Delete TRICO MARINE SERVICES (TRMA)
There will be updates to this list today and next Friday with the final decision list posted on Monday, June 29. Of course, that means that some of these deletions might not get deleted in the final list. A couple were tied to alternative energy in our minds, but were listed by Russell as ‘consumer’ or ‘producer durables’ rather than in the broad “energy” group.
Jon C. Ogg
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