It was an absolutely wild week in the market as the Dow plunged triple digits several days in a row. Meanwhile, crude oil remained very weak, with its price touching $40 per barrel. This caused extreme volatility among energy stocks, with dozens down double digits for the week.
However, there were three energy stocks, in particular, which made huge double-digit moves not related to oil prices. These big movers, according to S&P Capital IQ data, were Peabody Energy (NYSE:BTU), Baytex Energy (NYSE:BTE), and Aegean Marine Petroleum (NYSE:ANW).
Peabody Energy is the loan gainer of the trio, and boy was its stock on fire last week. Fueling the rally was news that Peabody Energy was considering the sale of its Australian coal assets, along with news that a very well-known investor had bought more than 1 million shares of its stock. Both moves suggest that bankruptcy might not be as imminent as the market feared.
Baytex Energy's investors, on the other hand, endured a tough week as its stock plunged after oil crashed 4% on Wednesday. Then, the beatdown continued on Friday, as Baytex Energy's stock dropped by double digits, again, after suspending its dividend, and slashing capex.
Agean Marine Petroleum investors also endured a tough week. However, fueling its big loss was the company's much weaker-than-expected second-quarter earnings. Agean Marine Petroleum blamed the miss on tough headwinds from the energy market.
To learn even more about why these catalysts caused the stocks to move so sharply this week, check out the following slideshow.