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

Traders are currently buzzing about energy stocks today after OPEC agreed to trim production for the first time in eight years.

In this article, we’ll analyze three energy stocks that will be affected by the agreement, ENSCO PLC (NYSE:ESV), Oasis Petroleum Inc. (NYSE:OAS), and SM Energy Co (NYSE:SM), as well as two other companies, Progress Software Corporation (NASDAQ:PRGS), and Wells Fargo & Co (NYSE:WFC) which are trending today. We’ll also use 13F data to see what the smart money thinks of each stock.

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Progress Software Corporation (NASDAQ:PRGS) shares are deep in the red after the company reported disappointing results for its fiscal 2016 third quarter. For the period, Progress Software earned $0.44 per share on revenue of $102.4 million, missing the consensus estimates by $0.01 per share and $2.32 million respectively. Sales rose by 1.7% year-over-year, while operating margin stayed steady at 31%. For the full fiscal year ending November 30, 2016, the company expects adjusted EPS of $1.57-to-$1.60 on revenue of $412 million-to-$415 million. Douglas T. Granat‘s Trigran Investments inched up its holding in Progress Software Corporation (NASDAQ:PRGS) by 1% during the second quarter to 856,778 shares at the end of June.

The fall-out from the shady sales tactics scandal that has plagued Wells Fargo & Co (NYSE:WFC) continues. The latest shoe to fall for the mega-bank is word that California has suspended Wells Fargo’s participation in some of its most highly-profitable business relationships with the state. The list of sanctions includes the suspension of investments by the Treasurer’s Office in all Wells Fargo securities, and the suspension of the use of Wells Fargo as a broker-dealer for the purchasing of investments by the Treasurer’s office, among other things. The sanctions will take effect immediately and won’t expire for 12 months. In addition, the California state Treasurer is seeking the separation of the company’s CEO and Chairman positions, which are both currently held by John Stumpf. Ken Fisher‘s Fisher Asset Management reported a long stake of almost 19 million shares in Wells Fargo & Co (NYSE:WFC) at the end of the second quarter.

On the next page we’ll find out why the spotlight is shining on ENSCO, Oasis Petroleum, and SM Energy.