Oppenheimer analysts downgraded the energy sector rating of US stocks from “holding and watching” to “reducing holdings.”
The Zhitong Finance App learned that Oppenheimer analysts downgraded the US stock energy sector rating from “holding and watching” to “reducing holdings.”
In a technical analysis report, the bank's analysts said, “Due to the basic elimination of the favorable factors of previous inflation, the sector currently has the fewest number of stocks with stock prices above the 200-day average.”
Data as of August 19 shows that 48% of stocks in the energy sector are above their 200-day moving average.
The energy index ETF-SPDR (XLE.US) had a “false breakthrough” before, and then the trend was relatively weak. The ETF is down 0.86% from a month ago, but has accumulated an increase of 8.75% so far this year.
Analysts said, “The failure of the energy sector's breakthrough in April indicates a sense of exhaustion in market buying.”
Regarding individual stocks, Oppenheimer gave Apache Petroleum (APA.US), Chevron (CVX.US), Halliburton (HAL.US), and Occidental Petroleum (OXY.US) “sell” ratings, respectively.