NEW YORK ( TheStreet) -- Trina Solar ( TSL), Forest Oil ( FST), Swift Energy ( SFY) were top gainers among energy stocks last week, while Transocean ( RIG) and Holly Energy Partners ( HEP) posted marginal losses.
Trina Solar was at the helm of gainers last week, jumping 24% after Auriga analysts upgraded the stock's rating to buy from sell following the move by the Federal Reserve and other central banks to infuse more liquidity into the global financial system, which could further ease financing for photovoltaic solar projects. Last week, a report by SolarBuzz said there was a surge in new installations in both China and the Asia-Pacific region as a whole. The same report added that installations for the fourth quarter will be 2 GW in the region.
LDK Solar ( LDK) rose 20.5% last week after the company signed a cooperation agreement with OSM Solarform, an Ontario, Canada-based local PV module manufacturer. Under the agreement, almost 20 MW of LDK-certificated solar modules with LDK warranties will be made by OSM in Ontario. Yingli Green Energy Holdings ( YGE) surged 17.3% last week, while Suntech Power Holdings ( STP) gained 13.1%. Forest Oil increased 23.2% after crude oil prices increased 2.8% to $100.96 per barrel last week. Swift Energy followed, gaining 23%. CGG Veritas ( CGV) advanced 21% after Standpoint Research initiated coverage on the stock with a buy rating and a price target of $31, indicating 33.4% upside from current levels. Analysts at the research firm believe that the shift from domestic and shale to offshore in 2012 and a recovery in the Gulf of Mexico will support the company's operations. Superior Energy Services ( SPN) was up 20.2% at the close last week after Jefferies initiated coverage on the stock with a buy rating. Lufkin Industries ( LUFK) moved up 19.8% after the company completed the acquisition some assets of Quinn's Oilfield Supply. Last week, Citigroup analysts reaffirmed a buy rating on the stock.
Some analysts aren't buying the CEO's claims, which he made Thursday after announcing that the highly controversial Tesla-Solar City tie-up had been approved by shareholders of both companies.
A larger-than-expected incentive cut by the Chinese could result in greater near-term demand than previously anticipated in the region, potentially sending solar stocks surging through the first half of 2017.
