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Energy Sector Update for 01/24/2017: GLF,REXX,GLOP


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Energy stocks this afternoon were extending their recovery from yesterday's declines, with the NYSE Energy Sector Index rising about 1.2% during trade while shares of energy companies in the S&P 500 were up about 1.1% as a group. Crude oil for March delivery was up 74 cents at $53.49 per barrel while February natural gas futures were 7 cents higher at $3.31 per 1 million BTU.

In company news, GulfMark Offshore ( GLF ) was rising in Tuesday trading after the marine oilfield-services company last night said it has taken delivery of a third Arctic class platform supply vessel, further strengthening the company's position as the largest operator of service ships for oil and natural gas platforms in the North Sea.

Christened the North Barents, the PSV vessel was designed by Skipsteknisk AS and built by Simek in Flekkefjord, Norway, for around $42 million. It can carry up to 40 people and has standby rescue certification as well as being compliant with the Special Purpose Ships Code, Gulfmark said.

GLF shares were up about 7.8% at $1.40 apiece this afternoon, easing slightly from a session high of $1.50 a share.

In other sector news,

(+) REXX, (+4.5%) Reports 12% increase in Q4 production, while FY16 production climbs 6% to 195.3 million cubic feet equivalent per day. Finishing work on four-well Baird pad, expected to begin sales by March 31. Drilling on six-well Shields pad also done ahead of Q3 sales launch.

(-) GLOP, (-6.4%) Prices $76.9 mln offering of 3.75 mln shares at $20.50 apiece, a 6.8% discount to Monday's closing price.

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: GLF , GLOP



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