Shares of SPDR S&P Oil & Gas Equipment & Services ETF (NYSEARCA:XES) dropped 6% on Wednesday . The company traded as low as $6.96 and last traded at $6.99, approximately 1,895,789 shares traded hands during trading. An increase of 40% from the average daily volume of 1,356,070 shares. The stock had previously closed at $7.44.

The business’s fifty day moving average price is $8.83.

Several institutional investors and hedge funds have recently modified their holdings of XES. Bank of America Corp DE boosted its position in shares of SPDR S&P Oil & Gas Equipment & Services ETF by 135.5% during the 2nd quarter. Bank of America Corp DE now owns 1,428,438 shares of the company’s stock valued at $13,727,000 after acquiring an additional 821,787 shares during the last quarter. BNP Paribas Arbitrage SA bought a new stake in shares of SPDR S&P Oil & Gas Equipment & Services ETF during the 1st quarter valued at about $9,240,000. Joseph P. Lucia & Associates LLC bought a new stake in shares of SPDR S&P Oil & Gas Equipment & Services ETF during the 1st quarter valued at about $33,010,000. Barometer Capital Management Inc. bought a new stake in shares of SPDR S&P Oil & Gas Equipment & Services ETF during the 1st quarter valued at about $3,060,000. Finally, Millennium Management LLC bought a new stake in shares of SPDR S&P Oil & Gas Equipment & Services ETF during the 4th quarter valued at about $496,000.

About SPDR S&P Oil & Gas Equipment & Services ETF (NYSEARCA:XES)

SPDR S&P Oil & Gas Equipment & Services ETF (the Fund) seeks to replicate as closely as possible the total return performance of the S&P Oil & Gas Equipment & Services Select Industry Index. The S&P Oil & Gas Equipment & Services Select Industry Index represents the oil and gas equipment and services sub-industry portion of the S&P Total Markets Index.

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