There’s no question that 2016 is off to a shaky start for the S&P 500, which is already down 6.3 percent year-to-date. However, not all stocks are suffering in 2016. Here’s a look at the top five performers in the S&P 500 so far this year.
5. Range Resources Corp. (NYSE:
RRC)
After a more than 50 percent decline in 2015, Range shares have bounced 14.8 percent so far in 2016. With oil a commodity prices still near their lowest points in more than a decade, only time will tell whether this move is sustainable or simply a case of short covering.
4. EQT Corporation (NYSE:
EQT)
A January 14 upgrade to Buy by Tudor Pickering helped drive this battered Marcellus oil & gas play up 14.8 percent so far this year. The company is expected to report Q4 earnings this week.
Related Link: Boone Pickens: Oil Worth At Least
3. Cabot Oil & Gas Corporation (NYSE:
COG)
Cabot is another name off to a solid +16.3 percent start to 2016. However, until a reliable bottom in oil & gas prices has been established, it will be hard to tell if Cabot’s gains are bullish rotation or short sellers taking profits.
2. Macy’s, Inc. (NYSE:
M)
The lone representative on the list outside of the energy sector, Macy’s was boosted in January when billionaire investor David Einhorn’s hedge fund revealed it has been accumulating shares of Macy’s in anticipation of a possible move to take the company private. The stock is already up 16.9 percent in 2016.
1. Southwestern Energy Company (NYSE:
SWN)
Perhaps the market likes Southwestern’s aggressive cost-cutting initiatives, or perhaps the stocks’ 2016 move has simply been a short squeeze. Regardless, Southwestern is out of the gates in 2016 as the top gainer in the entire S&P 500, up 19.5 percent on the year.
Disclosure: The author holds no position in the stocks mentioned.
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