Chevron Corp. (NYSE: CVX) posted a new 52-week low on Monday of $100.42. Based on Friday night’s closing price of $102.38 that’s a drop of about 1.5%. The stock’s 52-week high is $135.10. Trading was about 25% higher than the stock’s average daily volume of about 8 million shares traded. Crude oil dropped below $56 a barrel today, putting pressure on the energy sector in general. Being one of the world’s largest oil companies isn’t helping Chevron these days.
Encana Corp. (NYSE: ECA) dropped about 5.3% Monday to post a new 52-week low of $11.55. The stock’s 52-week high is $24.83. Volume rose to about 60% above the daily average of around 6.5 million shares. The independent exploration and production company is set to announce its 2015 capital spending plan tomorrow and today’s sellers are trying to beat the expected rush.
SeaDrill Ltd. (NYSE: SDRL) posted a drop of 4.3% today to establish a new 52-week low of $10.58 against a high of $41.29. Volume was about 30% above the daily average of around 12 million shares. SeaDrill is one of the offshore drillers we covered in a 2015 outlook story today, and the outlook is not attractive.
Verizon Communications Inc. (NYSE: VZ) dropped about 1.1% on Monday to post a a second-consecutive new 52-week low of $45.09 after closing at $45.58 on Friday. The stock’s 52-week high is $53.66. Share volume is equal to the 15.6 million daily average shares traded. Investors continue to wonder if the two big wireless carriers have lost their pricing power as a result of competition from the two smaller challengers.
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