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Energy Sector Update for 08/22/2017: EGN, TOT, SAEX


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Top Energy Stocks

XOM +0.63%

CVX +0.22%

COP +1.55%

SLB +0.84%

OXY +0.80%

Energy stocks were mostly higher today, with the NYSE Energy Sector Index rising over 0.7% while shares of energy companies in the S&P 500 also were up almost 0.7% as a group. Crude oil for September delivery was up 40 cents at $47.93 per barrel while September natural gas futures were 2 cents lower at $2.95 per 1 million BTU.

In company news, Energen ( EGN ) climbed to a session high of $50.57 a share on Tuesday after analysts at Imperial Capital began coverage of the oil and natural gas producer with an outperform investment rating and a price target of $61 a share.

The move follows reports late last week that activist investor Elliott Management was pressing Energen to explore potential sale opportunities. Elliott - which owns an estimated 4% to 5% of the company's stock - was teaming with 10% owner Corvex Management LP in urging a sale, according to the Wall Street Journal.

In other sector news,

(+) TOT, (+1.3%) Price target increased by EUR1 to EUR55 per share by analysts at BMO Capital, who also kept their outperform rating for the company's stock.

(-) SAEX, (-14.3%) Q2 net loss of $1.91 per share reverses a split-adjusted $1.97 per share profit during the year-ago period. Revenue tumbles to $13.6 mln from $57.1 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: EGN , TOT , SAEX


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