Market Overview

Oil & Gas Stocks Rally Ahead of OGIS Toronto Conference

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On May 20, Benzinga recommended that readers look at five oil and gas companies that will be presenting at the Independent Petroleum Association of America's (IPAA) upcoming Oil and Gas Investment Symposia in Toronto on June 5.

The five companies profiled were Enservco (NYSE: ENSV), Abraxas Petoleum (NASDAQ: AXAS), Escalera Resources (NASDAQ: ESCR), Penn Virginia (NYSE: PVA) and Callon Petroleum (NYSE: CPE).

On Wednesday, all five of these stocks had very strong days as investors position themselves ahead of the conference.

The biggest gainer was tiny Escalera Resources which jumped nearly 10.50 percent to close that day at $2.64.

Penn Virginia also substantially outperformed the market, rising around eight percent to $15.96.

It was also a good day, however, for the broader market. The Dow Jones Industrial Average rose roughly 159 points and the S&P climbed 15 points on the session.

See also: 7 Stocks To Watch Ahead Of Lockup Expirations And PDUFA Dates

Rounding out the group of top performing stocks presenting at OGIS Toronto was Callon Petroleum, which added five percent to $10.36.

Abraxas rose better than three percent on the session while Enservco, which added two percent.

Based on Wednesday's performance, it would appear as if investors are expecting the June 5 conference in Canada to be a catalyst for these small-cap names.

None of these stocks have a market-cap of over $1 billion and are the smallest five companies presenting at OGIS out of a total of 14 oil and gas operators.

Looking ahead, investors will want to continue to keep these names on their watch lists as there is a strong likelihood of more gains ahead of June 5.

Posted-In: Independent Petroleum Association of America OGIS TorontoLong Ideas News Events Movers Trading Ideas Best of Benzinga

 

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