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ATP Oil & Gas Shares Plunged: What You Need to Know

By Travis Hoium | More Articles
August 2, 2011 | Comments (2)

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of ATP Oil & Gas (Nasdaq: ATPG  ) fell 10% well after trading began today as oil and gas shares fell.

So what: This was really more of a move hitting oil and gas stocks more than it was anything specific to ATP Oil & Gas. Comstock Resources (NYSE: CRK  ) , MGX Resources (NYSE: GMXR  ) , and ATP all traded lower in similar patterns as the price of oil fell.

Now what: There’s a lot going on in the market affecting these companies, but falling oil prices were the biggest factor today. Oil is down 1.3% as I write this, because traders are fretting about the economy and the future demand for oil. As usual, these stocks are really leveraged bets on the price of oil; with oil down it’s no surprise they’re trading lower today.

Interested in more info on ATP Oil & Gas? Add it to your watchlist.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On August 03, 2011, at 10:30 AM, Knotes wrote:

    What is the point of this article? There is a lot going on with ATPG and a simple "eh, everything is fine..just oil prices" does a disservice to those holding stock and looking for direction from TMF.

    Anybody reading this article should check the ATPG free board...there is much better insight there.

  • Report this Comment On August 03, 2011, at 12:07 PM, NajdorfSicilian wrote:

    They had no insight on yesterday or today's move that I can see. Agree with the rest of it.

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Related Tickers

5/25/2012 4:00 PM
ATPG $5.15 Down +0.00 +0.00%
ATP Oil & Gas Corp CAPS Rating: ***
GMXR $0.92 Down -0.01 -1.08%
GMX Resources, Inc… CAPS Rating: ***
CRK $14.98 Up +0.35 +2.39%
Comstock Resources… CAPS Rating: ***

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