BUZZ-Oil and gas stocks: Oil prices fall on weak China data

Tue Sep 1, 2015 10:33am EDT
 
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** Oil prices fall sharply after data showed China's manufacturing sector contracted at its fastest pace in 3 years

** Brent crude down 5 pct at $51.45/bbl at 10:20 a.m. ET; U.S. crude down 4.9 pct at $46.78/bbl

** Oil retreats after three days of hefty gains; traders said investors took profits after prices soared more than 8 pct on Monday

** Exxon Mobil Corp's shares down 3.9 pct, Chevron Corp down 3.2 pct; HSBC cuts price target on both stocks

** BMO cuts PT on number of oil stocks including EP Energy, Denbury, Noble Energy and WPX Energy, citing expectations of continuing pressure on crude prices for balance of the year

** EP Energy down 9.5 pct, Denbury Resources down 7.4 pct, Noble Energy down 6.1 pct, WPX Energy down 4.1 pct

** Pioneer Energy Services down 9.7 pct, C&J Energy Services down 7.4 pct, Cenovus Energy down 5 pct