BUZZ-US energy stocks drop as oil slides after US-Iran ceasefire

Reuters04-08
BUZZ-US energy stocks drop as oil slides after US-Iran ceasefire

** Shares of U.S. energy companies fall premarket, as oil slides after U.S.-Iran ceasefire

** Oil falls below $100 after Trump agreed to a two-week ceasefire with Iran that was subject to the immediate and safe reopening of Strait of Hormuz

** Shares of Exxon Mobil XOM.N and Chevron CVX.N down 6.3% and 4.6%, respectively

** Oil and gas producers Occidental Petroleum OXY.N, Devon Energy DVN.N, Diamondback Energy FANG.O and ConocoPhillips COP.N fall between 5.6% and 7.8%

** Oilfield services companies Baker Hughes BKR.O and SLB SLB.N down 2.6% and 4.1%, respectively

** Refiners Marathon Petroleum MPC.N and Phillips 66 PSX.N shed 5.5% and 5%, respectively

** Brokerage Roth MKM downgraded its rating on some oil stocks, saying oil likely peaked, adding "stocks have run hard" ** Rating changes were made on the following cos:

Company

Prior rating

New rating

Diamondback Energy

Buy

Neutral

Magnolia Oil & Gas MGY.N

Buy

Neutral

Matador Resources MTDR.N

Buy

Neutral

Permian Resources PR.N

Buy

Neutral

SM Energy SM.N

Buy

Neutral

Talos Energy TALO.N

Buy

Neutral

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))

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