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Oil Stocks that Recovered After Sharp Fall (BP plc, APC, RIG, NE, Diamond Offshore)

Posted by admin 1055 days ago (http://emailwire.com)

(EMAILWIRE.COM, July 02, 2010 ) Dallas, Tx - Shares of the oil related companies bucked the trend on Thursday on bargain hunting. Over the past two months, such stocks had been underperforming the wider market and now when the wider markets are moving down, these are once again moving in the different direction.

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BP plc (ADR) (NYSE:BP) rallied for the fourth consecutive days and climbed 1.77% to $29.39 after the Financial Times newspaper reported that Oil company is in advance stage to raise as much as $5 billion in short-term loans from banks to help finance liabilities arising from the oil spill in the Gulf of Mexico.
By the end of previous week BP had already raised around $20 billion in cash and credit to overcome expanses from the spill, according to the report.

Anadarko Petroleum Corporation (NYSE:APC) surged 3% to $37.17 after plunging about 50% in the past two months.
The company owns a stake in the Macondo well which is gushing oil in the Gulf of Mexico, has lost over 40% in the last 6 months.
Transocean LTD (NYSE:RIG), the company who leased the Deepwater Horizon rig to BP, was the biggest percentage gainer and soared 5.53% to $48.89 with over 8.35 million shares. Over the last six months, RIG has shed over 40%.

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Noble Corporation (NYSE:NE) surged 5.34% to $32.56 after falling over 30% in the past two months.
Noble Corporation (Noble) is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 62 mobile offshore drilling units.

Diamond Offshore Drilling, Inc. (NYSE:DO) climbed 2.65% to $63.84 after falling over 30% in the past two months.
Diamond Offshore Drilling, Inc. (Diamond Offshore) is a global offshore oil and gas drilling contractor with a fleet of 47 offshore rigs consisting of 32 semisubmersibles, 14 jack-ups and one drillship.

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