Weekly price update (after missing last week's)

I haven’t been posting much since I’ve been really busy.  This price update is comparing to two weeks ago, which was the last one I did.

So crude oil was down these two weeks, but energy equities rallied big, outperforming the S&P’s impressive 2.5% gain in the past two week.  Gas was up, but remember that gas is far less important to the sector overall because it comprises a relatively small portion of revenues, except for the Marcellus producers, and a few of the largecaps like SWN and CHK.

Of the three that I own, WLL was more or less in line with the sector, and APA and CHK both outperformed.  I’m considering lightening up on CHK.  There are two high quality stocks that I’ve wanted to own for ages, but I hate chasing.  EOG  has just continued to run and run.  COG has been treading water as the market has moved higher so do have my eye on it.  WLL I am very comfortable owning, as I think it remains under appreciated.  I need to do a post on them at some point, but I want to do it in the context of a more general overview of the Bakken.

The Permian basin stocks did very well over the past two weeks.  PXD  is up the most of all the stocks covered, at 8.22%.  I intend to do another post on the Permian basin soon, and have been looking at this company in particular.  As I’ve mentioned several times before, the valuations seem really out of wack here.  The prices have been high for so long and we don't see an appropriate level of growth to justify the valuations in my view.  I have considered short selling PXD, but I think it is dangerous to short a stock that has become divorced from any sort of fundamental valuation, especially in a bull market like this one.