Volatility continued to be the main theme of the market this week as it made several triple-digit moves. Meanwhile, crude oil kept bouncing around, hitting a high near $50 a barrel on Monday, only to drop to less than $44 a barrel a few days later.
This led to a lot of volatility among energy stocks, with dozens surging or plunging by double digits by the end of the week. The biggest movers, according to S&P Capital IQ data, were Bonanza Creek Energy (NYSE:BCEI), Basic Energy Services (NYSE:BAS), and Matrix Service Company (NASDAQ:MTRX).
While crude oil played a role in leading the big moves of Bonanza Creek Energy and Basic Energy Services this week, it wasn't the main catalyst. Instead, both companies moved higher after positive comments from an analyst at Wunderlich.
The analyst is very bullish on Bonanza Creek Energy, as its Buy rating and $29 price target were reiterated. That's quite a statement because that price target is quite a bit higher than its current $7 stock price. Basic Energy Services, on the other hand, was upgraded, but just from a Sell to a Hold. Further, Basic Energy Services was given a price target of $4, which is actually below the current stock price.
Changing gears, Matrix Service Company's big move last week wasn't related to oil or analysts. Instead, Matrix Services reported better-than-expected fiscal fourth-quarter results, and made some strong comments about its outlook for the year ahead.
To learn even more about why these catalysts caused the stocks to move so sharply this week, check out the following slideshow.