Here's Why These 3 Offshore Drilling Stocks Sank 16% or More Last Month

Here's Why These 3 Offshore Drilling Stocks Sank 16% or More Last Month

August was another tough month for offshore drilling stocks. Shares of ENSCO PLC (NYSE: ESV), Atwood Oceanics, Inc. (NYSE: ATW), and Noble Corporation Ordinary Shares (UK) (NYSE: NE) all fell sharply during the month, finishing August down 19%, 16%, and 18% respectively. 

In general, a lack of good news was responsible for the decline in shares of these three companies in August, including the release of quarterly earnings in late July and early August. 

Image source: Getty Images.

Continue reading

Source: Fool.com