Why Apple, Chipotle, and 3 Energy Stocks Are Turning Heads Today

Energy stocks SM Energy Co (NYSE:SM), Continental Resources, Inc. (NYSE:CLR), and Noble Energy, Inc. (NYSE:NBL) are each deep in the red today after the IEA published a weaker-than-expected assessment on near-term demand. In terms of specifics, the group said that “global demand growth is slowing at a faster pace than the group initially predicted,” due in part to the “recent pillars of demand growth — China and India” being wobbly. Although the agency maintained its 2017 demand growth estimate of 1.2 million barrels per day, it cut its 2016 demand growth estimate to 1.3 million barrels per day, down from the previous estimate of 1.4 million barrels per day.

Due to the gloomy outlook, crude futures are off by around 2.6% this morning. Lower crude futures prices mean less realized revenue for the un-hedged part of each E&P’s production.

Of the 749 hedge funds that we track which filed 13Fs for the June quarter, 20 were long SM Energy Co (NYSE:SM) on June 30, while 36 owned shares of Noble Energy, Inc. (NYSE:NBL), and 44 were long Continental Resources, Inc. (NYSE:CLR).

Disclosure: None