Top Energy Stocks
Energy stocks were ending moderately higher this afternoon, with the NYSE Energy Sector Index climbing about 0.3% while shares of energy companies in the S&P 500 also were up almost 0.6% as a group. West Texas Intermediate crude oil for February delivery settled $1.60 higher at $52.11 per barrel in New York while the global benchmark Brent crude March contract rose $1.37 to $60.36 per barrel. February natural gas futures fell 9 cents to $3.50 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead more than 2.7% in late trade while the United States Natural Gas fund was dropping almost 3.1%. The Philadelphia Oil Service Sector index was up nearly 0.6%.
Among energy stocks moving on news:
(+) Crescent Point Energy (CPG,CPG.TO) declined Tuesday, falling over 2%, after the Canadian oil and natural producer cut its monthly distribution to investors by two-thirds from its most recent distribution to $0.01 per share, beginning with its April 1 dividend. It also announced plans for a stock buyback program to repurchase and cancel up to 7% of its outstanding shares.
In other sector news:
(+) Bellatrix Exploration Ltd. (BXE,BXE.TO) rose nearly 1% on Tuesday after the Canadian natural gas and oil company said it produced an average of 35,600 barrels of oil equivalent per day during 2018, topping its forecast range expecting between 35,000 to 35,500 barrels per day by about 1%.
(+) EnLink Midstream ( ENLC ) climbed almost 6% on Tuesday after the energy infrastructure company declared a quarterly cash dividend of $0.275 per unit, reflecting a 1.5% increase over the previous quarter.
(+) Graham Corp ( GHM ) was edging lower again this afternoon, reversing a mid-day gain, after the company said it expects to report fiscal Q3 revenue in a range of $17 million to $17.4 million, trailing the single-analyst estimate for the oilfield equipment manufacturer during the three months ended Dec. 31.