On Wednesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), lost -5.55% to $10.55, hitting its lowest level, as some energy and related stocks decline together with the price of oil.
Oil fell to trade further below $63 a barrel on Wednesday after US crude inventories unexpectedly rose, the latest sign of a supply glut that may enhance if Iran reaches a nuclear deal with world powers.
“The oil market is being literally flooded with OPEC crude oil at present,” said Carsten Fritsch, analyst at Commerzbank.
“If the nuclear negotiations with Iran are brought to a positive conclusion, there is also the ‘threat’ of additional oil reaching the market from Iran.”
World powers and Iran are holding talks in Vienna on Tehran’s disputed nuclear programme. A deadline for a contract has been extended until July 7.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas.
Shares of Schlumberger Limited (NYSE:SLB), declined -2.19% to $84.30, during its last trading session, after Credit Suisse lowered its 2015 earnings estimates to $3.50 from $3.90, with 2016 earnings estimates reduced to $3.51 from $3.88.
The firm maintained its “outperform” rating and a price target of $86.
“GoM (Gulf of Mexico) continues to be a much better market than onshore U.S., but is likely to see some margin decline on mix of higher workovers and completions in a flat activity market,” Credit Suisse analysts said.
Schlumberger Limited supplies technology, integrated project administration, and information solutions to the oil and gas exploration and production industries worldwide. The company operates through Reservoir Characterization Group, Drilling Group, and Production Group segments.
Finally, U.S. Bancorp (NYSE:USB), ended its last trade with 1.73% gain, and closed at $44.15.
GlobalCapital named U.S. Bank “Best Trustee” at its 2015 U.S. Securitization Awards. The award is the result of an open nomination process in which top capital markets firms were asked to name the most impressive trustee in the market over the past year.
“We’re honored to be named ‘Best Trustee’ by GlobalCapital,” said Bryan Calder, president of U.S. Bank Global Corporate Trust Services. “We’re committed to providing a best-in-class experience for our clients. To ensure that we do so, we emphasize open communication and use our clients’ input and ideas to shape our own investment in products, services and technology.”
U.S. Bank Global Corporate Trust Services is a premier provider of corporate trust services in the United States and Europe, serving private and public companies, government and tax-exempt entities, and financial services companies. The group operates a network of 49 domestic offices and international locations in London and Dublin.
U.S. Bancorp, a financial services holding company, provides a range of financial services in the United States. It offers depository services, which comprise checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products, in addition to credit card services, leasing, financing and import/export trade, asset-backed lending, agricultural finance, and other products.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
