April 29, 2020 (MircoSmallCap via Comtex) — The oil market has seen many headwinds in the past few months, in part because of the coronavirus pandemic. While oil prices could see more carnage, oil did jump over 20% on April 29 after data indicated a smaller-than-expected build in United States inventories. It’s also not the first time oil stocks increased in April, despite the coronavirus-induced price crashes. Even better: we did see a few oil stocks listed on Robinhood with positive changes on Wednesday, too.
Here are three.
3 Robinhood Oil Stocks with Positive Changes: Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (NYSEARCA:GUSH)
According to sources, GUSH provides 3x daily exposure to an equal-weighted index of the most abundant gas and oil exploration and production companies in the United States. It looks to deliver 300% of the daily performance of the S&P Oil & Gas Exploration & Production Select Industry Index.
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On April 29, Robinhood reports that GUSH has changed +3,065 in one day; this makes it the first on our list of oil stocks with positive changes on Wednesday.
As of 2:57 p.m. EDT, Yahoo Finance reports GUSH stock is up around 16.75% at $38.40.
3 Robinhood Oil Stocks with Positive Changes: Liberty Oilfield Services Inc. (NYSE:LBRT)
The next on our list of oil stocks with positive changes on Wednesday is Liberty Oilfield Services Inc. It is a company that provides North American onshore oil and natural gas exploration and production companies with hydraulic fracturing services.
On April 29, Robinhood reports that LBRT stock has changed +3,147 in one day. Yahoo Finance says that, as of 3:09 p.m. EDT, LBRT stock is up 27.29% at $4.57.
Yesterday, Liberty Oilfield reported its Q1 2020 financial and operational results. Highlights include revenue of $427 million and net income of $2 million for the quarter ended March 31, 2020. Furthermore, adjusted EBITDA came in at $54 million, and annualized Adjusted EBITDA per average active fleet came in at $9 million for the quarter.
“Liberty’s first-quarter results reflect both operators’ flight to quality service providers and Liberty’s efforts to concentrate more of our capacity with select top-tier players,” said CEO Chris Wright.
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In regards to the coronavirus pandemic, Wright said the following:
“During these challenging times operators have become even more demanding on service quality, efficiency, safety and technology solutions. All of this plays to Liberty’s favor, as evidenced by our first-quarter financial results.”
3 Robinhood Oil Stocks with Positive Changes: ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO)
According to sources, ProShares Ultra Bloomberg Crude Oil “seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg WTI Crude Oil SubindexSM.” It is also the third and final on our list of oil stocks with positive changes on April 29.
On April 29, Robinhood reports that UCO stock has changed +4,332 in one day. At the time of writing, Yahoo Finance says UCO stock is up 6.30% at $12.80.
Last week, UCO saw its most substantial single-day increase ever. “There’s been an explosion in the ETF space for oil. That, to me, is an indication of genuine interest for opportunities from the retail community,” said Don Casturo, the Chief Investment Officer of Quantix Commodities.
Takeaway
As many investors continue to hope economies will reopen sooner than previously predicted, we could very well continue to see oil prices move higher. With that said, don’t expect it to be smooth-sailing: more carnage is likely to occur before things finally do improve. Either way, it’s nice to see some oil stocks with positive changes this week.
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