Here’s Why Wells Fargo, Progress Software, Oasis, Ensco, and More Are Trending

ENSCO PLC (NYSE:ESV), Oasis Petroleum Inc. (NYSE:OAS), and SM Energy Co (NYSE:SM) are each in the spotlight due to the OPEC agreement on Wednesday to limit crude production. Because of the agreement, WTI surged by around 5% in trading yesterday and all three stocks in the spotlight rallied even further. Although the cartel won’t iron out the specifics of which country will cut by how much until November, the organization has generally agreed to limit collective production to a range of between 32.5 million-to-33 million barrels per day, down from the current level of about 33.4 million barrels per day. Given that many traders think the market is around 1 million barrels over-supplied per day, the production limit could instantly balance out the market and give crude prices a long-term boost.

Higher long-term crude prices is definitely good news for shale companies Oasis and SM Energy, which become substantially more competitive around $50 per barrel. It’s also good news for offshore driller ENSCO, as it could mean that the offshore market will recover sooner if prices rise high enough.

Of the three stocks, the smart money liked Oasis the best, as 33 funds tracked by Insider Monkey owned $541.98 million worth of Oasis Petroleum Inc. (NYSE:OAS) shares on June 30, which accounted for 32.20% of the float. In second place was ENSCO, with 30 funds reporting holding long stakes in ENSCO PLC (NYSE:ESV) worth $546.38 million and accounting for 18.70% of the float as of the end of June.

In third place was SM, as our data shows that 20 funds were long SM Energy Co (NYSE:SM), owning 10.20% of the stock’s float on June 30.

Disclosure: None