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Oil Wasn't the Only Catalyst Fueling Energy Stocks This Week (NOV, AMID, LGCY, SDLP, MEMP)

By Matthew DiLallo - Apr 30, 2016 at 10:30AM

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Oil helped, but there were a lot of news-driven catalysts fueling the big moves of National Oilwell Varco, American Midstream Partners, Seadrill Partners, Legacy Reserves, and Memorial Production Partners.

Image source: National Oilwell Varco. 

Crude continued its rebound this week, jumping past $45 a barrel, touching a 2016 high. That certainly provided some fuel to get this week's energy stock rally started. However, crude wasn't the only catalyst this week, with a number of the biggest energy movers fueled by news-driven catalysts. 

According to S&P Global Market Intelligence data, among the best-performing energy stocks during this week were National Oilwell Varco (NOV -1.56%), American Midstream Partners (AMID), Seadrill Partners (SDLP), Legacy Reserves (LGCY), and Memorial Production Partners (NASDAQ: MEMP)

The bulk of this week's biggest moves were made by MLPs. In the case of Memorial Production Partners and American Midstream Partners, both surged after reducing their distributions while also announcing acquisitions. Each move was intended to enable them to preserve capital and firm up their long-term plans. Meanwhile, Seadrill Partners jumped after it declared its distribution, which had already been reduced, as well as agreeing to amendments to some of its credit facilities. Finally, Legacy Reserves jumped this week because investors are anticipating it will have news next week. 

Then there was the big move this week by National Oilwell Varco. The oilfield equipment marker jumped as a result of an analyst upgrade and the release of its first-quarter results

To learn more about why these stocks moved so sharply, check out the following slideshow.

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Stocks Mentioned

National Oilwell Varco, Inc. Stock Quote
National Oilwell Varco, Inc.
$17.05 (-1.56%) $0.27
Legacy Reserves Inc. Stock Quote
Legacy Reserves Inc.
Seadrill Partners LLC Stock Quote
Seadrill Partners LLC
Third Coast Midstream, LLC Stock Quote
Third Coast Midstream, LLC
Morgan Stanley Stock Quote
Morgan Stanley
$78.19 (0.04%) $0.03
SeaDrill Limited Stock Quote
SeaDrill Limited

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