It was a rough week in the energy patch, with dozens of stocks dropping by double digits. While most of the moves were oil-driven, there were a couple of company-specific catalysts worth pointing out. Three of the bigger movers this week, according to S&P Capital IQ data, were Seadrill Partners (NYSE:SDLP), California Resources (NYSE:CRC), and NRG Energy (NYSE:NRG).
California Resources, along with a host of other oil companies, slumped alongside crude prices, which ended the week down roughly 5%. Given California Resources' weak balance sheet, investors are growing concerned about the company's ability to weather a long, drawn-out downturn in oil prices, especially after OPEC decided on Friday to continue pumping at max capacity.
While weak crude prices also weighed on Seadrill Partners, it also didn't help matters that it was downgraded by an analyst. What has the analyst concerned is Seadrill Partners' outlandish distribution yield, which at north of 25% is ripe for being reduced.
Finally, NRG Energy had a lot of news this week, including an asset sale and an analyst downgrade. That said, the even bigger story this week was news that NRG Energy's longtime CEO had abruptly left the company. That move rattled investors, with many exiting alongside the CEO.
To learn more about why these stocks moved so sharply this week, check out the following slideshow.