An Unknown ETF Investors Should Know About: Part 1
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PSCE vs. ETF Alternatives
The PowerShares S&P SmallCap Energy Portfolio (Fund) is based on the S&P SmallCap 600 Capped Energy Index® (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to measure the overall performance of common stocks of U.S. energy companies. These companies are principally engaged in the business of producing, distributing or servicing energy related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy. The Index is a subset of the S&P SmallCap 600 Index, which is a float-adjusted, market-capitalization-weighted index reflecting the U.S. small-cap market.
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- In Your Portfolio: A Guide to Sector ETFs, Energy ETFs, Core Building Blocks: A Guide to ETFs That Divide the U.S. Stock Market by Market Cap
- Asset Class Performance: Market Cap, Sectors
Tue, May. 20, 10:27 AM
- Twenty-seven year old Mark Hiduke just raised $100M for his three-week old company, but he's a Texas oilman, not a tech entrepreneur. His Dallas-based PetroCore, LLC received the commitment from a local P-E firm to buy land and drill shale wells.
- “These guys are going to be the poster children of self-made oil and gas tycoons,” says Nathen McEown, a 33-year-old accountant who organizes networking dinners. “Or they could be the poster children of how too much money is chasing deals.”
- Known as "the great crew change," millennials - who for decades have spurned energy for other careers - are flocking back into an industry where 71% of the workforce is aged 50 or older. The University of Oklahoma's energy management program has sextupled in size to 600 over the last decade. "The shale revolution changed everything," says one of its graduates Ryan Watt, whose Addax Minerals has raised about $35M to speculate on oil.
- ETFs: XLE, ERX, VDE, OIH, ERY, XOP, DIG, DUG, FRAK, XES, IYE, IEO, IEZ, PXE, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG, USO
Mon, May. 19, 7:17 PM
- Mexico, Iran and other countries that once played hardball with big oil companies are now rolling out the welcome mat, offering generous deals in the hope they will bring capital to stimulate output.
- But it isn't certain the big oil firms will want to return to all those countries, as the economics of the oil business may be changing to favor different kinds of exploration projects elsewhere in the world, WSJ reports.
- The biggest shake-up is coming in Mexico, where production has been falling steadily while rising electricity demand has forced dependency on imported natural gas and sent prices soaring; Total (TOT), Chesapeake (CHK) and Chevron (CVX) have expressed interest in entering the country.
- Iran is considering big changes to its current stringent oil terms, but some analysts say "it will be a slow process to get Western oil companies back to Iran... Iran's reservoirs are prolific, but they are also complex and in poor shape."
- Also, he Ukraine crisis has reinforced the trend in thinking about geopolitical risk as being a big factor.
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, XOP, DIG, GASL, DUG, XES, IYE, IEO, IXC, IEZ, GASX, PXE, IPW, PXJ, BARL, PXI, PSCE, FENY, RYE, FXN, GNAT, DDG, IOIL, FILL
Fri, May. 9, 12:23 PM
- The EPA is taking the first formal step toward requiring oil and gas drillers to disclose the content of fluids they use in fracking, saying it will begin to solicit public comment on whether companies should publicly list the chemicals used to extract oil and gas out of the ground.
- Disclosure of the chemicals by companies could be positive for industry if it can allay fears of fracking opponents about toxic chemicals in groundwater, says natural gas consultant Miriam Swydan Erickson.
- Baker Hughes (BHI) said last month that it will spell out all the chemicals it uses in fracking, but many other major companies have said their chemical formulas are proprietary and disclosure could help competitors copy their process.
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
Fri, May. 9, 11:58 AM
- Wall Street’s idea of investing in climate change means investors are piling into natural gas - the least polluting fossil fuel - as energy have accounted for nearly two-thirds of the $8B of inflows into sector-based ETFs this year.
- A White House advisory panel said this week that global warming already is blighting the U.S. with more intense coastal flooding, rainstorms and wildfires, but “weather extremes are good for the energy business," says money manager Skip Aylesworth.
- Climate change is proving to be a boon for energy investment; on the day the report was issued, the S&P Energy Index hit a record, and $322M flowed into ETFs that specialize in energy.
- "Natural gas is a potential bridge to new technologies that are green or clean,” says State Street's David Mazza, which he says has sparked investor interest in companies such as Nabors Industries (NBR), EOG Resources (EOG), Anadarko Petroleum (APC) and Chesapeake Energy (CHK).
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, DIG, DUG, GASL, IYE, GASX, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
Tue, May. 6, 7:25 PM
- The U.S. energy boom is undeniable - just today, the government said the U.S. next year will import only 23% of the crude oil it needs, the lowest since 1970 - but it's worth noting that the boom has been bought on credit.
- Many oil companies that lead the way in the fracking revolution spend more cash leasing land and drilling than they make selling oil and gas; Standard & Poor’s says 75 of the 97 E&P companies it covers have junk bond ratings.
- Little wonder that EOG - which generated $2.27B from its operations and spent $1.9B in Q1, its fourth straight cash flow-positive quarter - has one of the highest credit ratings (A-) of any oil and gas driller.
- Heard On The Street's Liam Denning thinks E&P investors now may be just chasing momentum, leaving them vulnerable to sharp corrections.
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, IYE, IEO, GASX, PXE, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
Tue, May. 6, 10:44 AM
- Climate change is having a present-day, negative impact on Americans' everyday lives and is damaging the U.S. economy, and calls on governments to find ways to lower emissions, particularly from energy production, according to a new National Climate Assessment report.
- But you can't expect people to willingly reduce their standard of living, so even as the U.S. turns away from coal, there are ready markets for America’s coal across the globe.
- Coal is so cheap that it is likely for many years to be the cornerstone for many nations’ energy policies: U.S. coal offers much of Europe a less expensive alternative than coal from nearby mines even including transportation costs, Japan looks to spend billions of dollars on new coal-fired plants, while coal is likely to be the fuel of China into the foreseeable future.
- ETFs: XLE, ERX, KOL, VDE, OIH, ERY, DIG, PBW, DUG, IYE, QCLN, GEX, PBD, PXJ, ICLN, PXI, PZD, PSCE, FENY, RYE, PUW, FXN, DDG, HECO
Tue, Apr. 22, 5:15 PM
- Some S&P energy stocks set new 52-week highs today, including Hess (HES), EQT and Baker Hughes (BHI), as the sector begins to catch up to the hype about the U.S. energy renaissance.
- Analysts say oil and gas drillers are just starting to reap the benefits of an ancillary boom in energy-related technology and innovation; RBC Capital sees bullish prospects for rig companies, adding that drillers such as Helmerich & Payne (HP), Patterson-UTI (PTEN) and Nabors Industries (NBR) are best positioned to capitalize on the boom.
- BofA/Merrill's Stephen Suttmeier offers a technical set-up, seeing energy poised for a breakout similar to Oct. 2010, when the sector moved above its 13-, 26- and 40-week relative moving averages and outperformed for another six months.
- ETFs: XLE, ERX, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
Sat, Apr. 19, 12:05 AM
- The Obama administration is indefinitely extending its review of the Keystone XL pipeline (TRP), probably delaying a decision on the project until after November's U.S. midterm elections.
- The State Department - which has had the project under review for nearly six years - says it needs more time to prepare its recommendation to Pres. Obama because of ongoing litigation in Nebraska that is unlikely to be resolved before next year; the department was set to close a review process with eight other federal agencies on May 7.
- Pipeline supporters are criticizing the delay as a political ploy, but the move looks likely to keep environmental activist money flowing into the election races; billionaire Tom Steyer, who has pledged to spend $100M to support candidates who back strong policies to fight climate change, is praising the delay as "good news."
- ETFs: XLE, ERX, OIH, VDE, ERY, DIG, DUG, IYE, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
Sat, Mar. 29, 8:25 AM
- The Obama administration is proposing rules to cut methane emissions at sites from landfills to coal mines, laying the groundwork for regulations that could affect the energy and agriculture industries.
- The first big target is the oil industry, with new Interior Department regulations coming later this year to curb venting and flaring of natural gas at wells on public lands and further air mandates possible from the EPA by 2016.
- The oil industry says energy firms already are taking steps to plug methane leaks and capture natural gas flowing out of oil wells, and that additional regulations "could have a chilling effect on the American energy renaissance."
- Agriculture accounts for 36% of human-related methane produced in the U.S., yet proposals for curbing gas emitted by livestock rely strictly on voluntary measures that are largely already under way.
- ETFs: XLE, ERX, KOL, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
Thu, Mar. 27, 11:55 AM
- Investors are pouring money into energy companies, putting 7x as much into energy sector ETFs as they did last quarter and betting that profits of energy producers rise along with crude oil and natural gas prices.
- Energy collecting new money reflects optimism for a turnaround in companies like Exxon Mobil (XOM), XLE's biggest holding, but the bet may not pay off, as analysts generally foresee lower global oil prices in 2014 and gains in gas.
- ETFs focusing on oil and gas companies have captured 20% of the $10B in net inflows into ETFs this year, after hauling in only 2.5% of fresh money last quarter and 7.7% in all of 2013.
- ETFs: ERX, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
Mon, Mar. 3, 11:35 AM
- The Obama administration imposes new limits on the amount of sulfur in gasoline, overruling the objections of refiners and oil companies who say the new ceiling would be too low and drop too fast.
- Refiners will have until 2017 to comply with a strict new 10-parts-per-million cap, one-third the current sulfur threshold and 97% less than an earlier limit phased out in 2004.
- The oil industry says the standard is both unwarranted and costly, forcing refiners to make ~$10B in investments in energy-intensive hydrotreaters and other equipment to strip more sulfur out of gasoline, in addition to $2.4B in estimated annual compliance costs.
- The EPA also establishes new mandates for automotive tailpipe emissions that track California limits coming online in 2017, a move that will make it easier for U.S. automakers to sell the same car in all 50 states.
- ETFs: XLE, ERX, OIH, VDE, ERY, DIG, DUG, XES, IYE, IEZ, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
Sat, Mar. 1, 8:25 AM
- This week's Interior Department endorsement of seismic testing in Atlantic waters is a first step toward allowing drilling from Delaware to Florida's Cape Canaveral for the first time in decades.
- The American Petroleum Institute calls the recommendation a critical step toward bolstering U.S. energy security, while environmentalists say the decision turns the Atlantic Ocean into a "blast zone" that could be a "death sentence" for marine mammals.
- Actual drilling of test wells can't begin until an existing ban on Atlantic production expires in 2017, and even then only after the government agrees to lease ocean tracts to energy companies.
- The area, particularly off the coasts of Virginia and the Carolinas, is estimated to hold ~3.3B barrels of oil and 312T cf of natural gas.
- ETFs: XLE, ERX, OIH, VDE, ERY, FCG, DIG, DUG, GASL, IYE, GASX, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
Fri, Feb. 28, 2:48 PM
- Refiners mostly continue to languish after shares were hammered yesterday as the Brent-WTI spread narrowed to its tightest level since last October.
- Credit Suisse isn't too excited about the near-term outlook; while March-April could see some widening of the spread given the transfer of inventory from Cushing to the Gulf, summer crude spreads should remain tight given as East of Rockies refineries ramp up for peak gasoline demand.
- On individual stocks, the firm says Western Refining (WNR -3%) and Phillips 66 (PSX +0.1%) should benefit from other businesses, while Tesoro (TSO +1.1%) could benefit from being recognized as a “Gulf Coast Refiner” but Delek US (DK -3.5%) needs to show signs of earnings improvement before it's worth buying.
- ETFs: XLE, ERX, OIH, VDE, ERY, DIG, DUG, XES, IYE, IEZ, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG.
Fri, Feb. 21, 4:49 PM
- ConocoPhillips (COP) CEO Ryan Lance refutes the warnings of shale boom skeptics, maintaining the U.S. shale revolution is only in the “first inning of a nine inning game” and critics shouldn’t assume growing shale production will stop any time soon.
- Skeptics say the U.S. is facing a shale bubble, and energy production declines much more dramatically from shale drilling relative to conventional techniques, but Lance adamantly disagrees, arguing that the industry’s technology advances could compensate for any projected production declines.
- "What we’re learning is we’ve only scratched the surface of what technology can do to improve the outlook over the years,” Lance says, and “this is the layer that can last for quite some time."
- ETFs: XLE, ERX, OIH, VDE, ERY, FCG, DIG, XOP, DUG, GASL, FRAK, IYE, IEO, GASX, PXE, PXJ, PXI, PSCE, FXN, FENY, RYE, DDG
Tue, Feb. 4, 9:28 AM
- Three of ten sectors tracked by Bespoke have nearly fallen off the screen - trading more than three standard deviations below their 50-day moving averages. The three: Consumer Discretionary (XLY), Consumer Staples (XLP), and Energy (XLE). Telecom (XTL) is nearly in the same boat - 2.97 standard deviations below its 50-day.
- Only one sector - the defensive utility group - is above its 50-day moving average.
- Consumer Discretionary ETFs: XLY, VCR, FXD, FDIS, RCD, PEZ, PSCD
- Consumer Staples ETFs: XLP, VDC, FXG, RHS, PSL, FSTA, PSCC
- Broad energy ETFs: XLE, ERX, OIH, VDE, ERY, DIG, DUG, IYE, PXJ, PXI, PSCE, FXN, FENY, RYE, DDG
- Telecom ETFs: IYZ, VOX, XTL, LTL, FCOM, TLL
- Utility ETFs: XLU, IDU, VPU, NLR, GRID, JXI, NUCL, DBU, IPU, RYU, PUI, UPW, FXU, SDP, FUTY, PSCU, AXUT, UTLT
Dec. 11, 2013, 10:02 AM
- "Warehouses over townhouses" is one of BAML's ten themes for 2014 - highlighting a potential shift away from consumer-driven stocks to industrial and commercial names.
- "If revenue growth continues to accelerate as we expect, corporations are likely to invest in their businesses by spending some of the cash accumulated on their balance sheets. This capex cycle, combined with improving global economic growth, is likely to benefit stocks in more industrial and cyclical parts of the economy over those that are more dependent on the consumer. In our view, this has already started, but probably is in its early stages."
- An attached chart shows this outperformance beginning to creep in in Q3.
- If the thesis is correct, investors may want to be sellers of Consumer Discretionary (XLY), Health Care (XLV), and Financials (XLF), and buyers of Tech (XLK), Energy (XLE), Industrials (XLI), and Materials (XLB).
- Related ETFs: FAS, XLF, IYH, FAZ, XLE, XLV, ERX, XLI, XLY, XLB, OIH, VHT, VDE, ERY, UYG, DIG, DUG, VFH, VCR, UYM, VAW, IYE, CURE, VIS, IGE, IYM, IYF, RXL, FXH, SEF, SMN, PXJ, IYG, PXI, IYJ, FXO, PFI, PSCH, KBWB, PSCE, FXD, UXI, MATL, PYZ, PRN, FXN, FXZ, RYE, RWW, FINU, FHLC, RYH, DDG, FXR, RCD, RTM, RYF, FIDU, SBM, SIJ, PSCF, PTH, FDIS, FENY, RGI, FNCL, RXD, PEZ, PSCD, PSCI, PSCM, FMAT, FINZ
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