3 Stocks Crushed by the Market This Week

Photo Credit: Phillips 66

Investors in energy stocks saw some of those

investments go up in flames last week.

Let’s take a closer look at three energy stocks that

really burned investors this past week.

Photo credit: Flickr/TaxRebate.org.uk

Quicksilver Resources (NYSE: KWK)Shares of the Texas-based natural gas and oil exploration

company experienced a quick 13.4% plunge last week.

Why Quicksilver Resources’ stock dropped

Other than some rumors on well results, there was no news surrounding Quicksilver Resources last week.

However, Quicksilver Resources stock is heavily shorted, as 56.5% of the float was sold short as of the end of May, adding to overall volatility.

Investors should keep an eye on second-quarter earnings, which are scheduled to be released on August 5th, as that news likely will be what really moves the stock.

Phillips 66 Partners (NYSE: PSXP)

Units of the growth-oriented master limited partnership slipped 9.1% this week.

Why Phillips 66 Partners’ dropped

Analysts at Credit Suisse raised their price target from $55 to $70.

However, given that units were trading at more than $75 at the time, it was more like a wake-up call that the units might be a little stretched.

Ultra Petroleum (NYSE: UPL)

Shares of the natural gas driller took a late plunge this week.

Why Ultra Petroleum’s stock dropped

CFO Mark Smith resigned on July 15th to take a new position at a larger company.

He will stay with the company through August 1st to assist with second-quarter financial reporting.

He will be replaced by the company’s current controller, Garland Shaw.

Which stock has the best shot at bouncing back?

Ultra Petroleum’s late plunge isn’t as big a deal as investors made it.

The fact that an internal candidate is moving up suggests that there is nothing amiss.

Because of that, Ultra Petroleum’s stock could quickly recover last week’s late swoon. Photo credit: Flickr/TaxCredits.net

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