Energy Sector Update for 01/17/2019: GPOR,OPTT,TAT,TNP.TO,SMHI

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Top Energy Stocks

XOM +0.80%

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COP +2.12%

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OXY +1.18%

Energy stocks turned solidly higher this afternoon, with the NYSE Energy Sector Index rising over 0.5% while shares of energy companies in the S&P 500 were up almost 1.1% as a group. West Texas Intermediate crude oil for February delivery settled 24 cents lower at $52.07 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude March contract declined a penny to $61.31 per barrel. February natural gas futures rose 3 cents to $3.41 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 0.2% while the United States Natural Gas fund was ahead nearly 0.2%. The Philadelphia Oil Service Sector index was up more than 1.3%.

Among energy stocks moving on news:

(-) Gulfport Energy ( GPOR ) was down almost 2% late Thursday after Firefly Value Partners criticized a "lack of urgency" addressing problems like an underperforming stock price and called on the oil and natural gas producer to begin a $500 million stock buyback program. Gulfport did not respond directly to the request but said its board was meeting this afternoon and would soon provide more information to investors about its 2019 activities.

In other sector news:

(+) Ocean Power Technologies ( OPTT ) climbed 2% on Thursday after the alternative energy company said it received $900,000 of non-dilutive funding through New Jersey's technology business tax certificate transfer program, which allows smaller technology and biotechnology companies in the state to sell up to $15 million of their net operating losses and research and development tax credits to other companies for growth and operations funding.

(+) Transatlantic Petroleum Ltd ( TAT ) was nearly 4% higher in recent trading. The oil and natural gas producer late Wednesday named Michael Hill as its new chief accounting officer, effective Jan. 28. He joins Transatlantic from AVAD Energy Partners, where he was responsible for internal and external financial reporting since December 2017.

(+) SEACOR Marine Holdings ( SMHI ) was up fractionally after late Wednesday saying it has signed definitive agreements to acquire three platform supply vessels from COSCO Shipping Heavy Industry Co Ltd for a combined $46.0 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: GPOR , OPTT , TAT , SMHI

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