Sector Update: Energy

By Staff,

Shutterstock photo

Energy shares are higher in pre-market, while crude oil futures are up toward $110 per barrel.

Light, sweet crude oil for October delivery is up $0.66 per share at $109.03 per barrel. In other energy futures, heating oil is up $0.14 at $3.15 a gallon while natural gas is up $0.02 at $3.59 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is flat at $38.69. The United States Natural Gas ETF ( UNG ) is up 0.27% at $18.83.

In other energy news, Layne Christensen ( LAYN ), a water management, construction and drilling company, swung to a loss of $1.17 per diluted share in fiscal Q2 from a profit on that basis of $0.24 a year earlier. Revenues for Q2 declined to $232 million from $288 million. LAYN is down 1% pre-market.

Analysts had expected an adjusted loss of $0.39 on revenue of $261 million, according to Capital IQ. The shares are unchanged pre-bell in a 52-week range of $17.42 - $25.11. 34.88 on Tuesday, within a 52-week range of $19.47 - $35.85.

And, GasLog Ltd. ( GLOG ) has signed a memorandum of agreement to acquire the STX Frontier, a 2010-built, 153,600 cubic meter LNG carrier from STX Pan Ocean LNG PTE. Ltd., a Singapore based company. The acquisition cost of the vessel is in the vicinity of U.S. $160 million.

The intention is that GasLog will take over the vessel from STX Pan Ocean early in the fourth quarter of 2013 in Spain. GLOG is flat at $13.99.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: GLOG , LAYN , UNG , USO

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by