Energy Sector Update for 03/14/2019: IMO,TALO,LGCY

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Top Energy Stocks

XOM +0.07%

CVX +0.23%

COP +0.27%

SLB +0.37%

OXY +0.49%

Energy stocks were narrowly higher, with the NYSE Energy Sector Index climbing almost 0.3% while shares of energy companies in the S&P 500 were up just over 0.3% as a group. West Texas Intermediate crude oil for April delivery was rising 34 cents to $58.60 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude May contract was declining 18 cents to $607.37 per barrel. April natural gas futures were 3 cents higher at $2.85 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead nearly 0.3% while the United States Natural Gas fund was posting a more than 0.8% gain. The Philadelphia Oil Service Sector index also was up nearly 0.4%.

Among energy stocks moving on news:

(+) Imperial Oil ( IMO ) was fractionally higher after Credit Suisse raised its rating on shares of the Canadian oil and natural gas company to neutral from underperform and also set a new price target of $39 a share.

In other sector news:

(+) Talos Energy ( TALO ) raced 11% higher after reporting above-consensus Q4 financial results, earning $0.91 per share during the three months ended Dec. 31, excluding one-time items, on $258.7 million in revenue. Analysts, on average, had been expecting an $0.86 per share adjusted profit on $226.8 million in revenue.

(-) Legacy Reserves ( LGCY ) dropped 52% after the oil and natural gas producer said it has begun exploring its strategic alternatives, including a potential asset sale or some other form of a business combination as well as a possible financing transaction.

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: IMO , TALO , LGCY

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