Energy Sector Update for 03/18/2019: CRZO,AMID,AMID,PDS

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Top Energy Stocks

XOM +1.10%

CVX +0.52%

COP +0.49%

SLB +2.57%

OXY +1.85%

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index climbing over 1.1% while shares of energy companies in the S&P 500 were up more than 1.2% as a group. West Texas Intermediate crude oil for April delivery was rising 49 cents to $59.01 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude May contract was advancing 26 cents to $67.42 per barrel. April natural gas futures were 5 cents higher at $2.84 per 1 million BTU. Among energy-related ETFs, the United States Oil fund also was ahead more than 1% while the United States Natural Gas fund was rising over 1.5%. The Philadelphia Oil Service Sector index was up more than 3.6%.

Among energy stocks moving on news:

(+) Carrizo Oil and Gas ( CRZO ) has jumped out to 6% gain after sources told Bloomberg the oil and natural gas producer has been discussing a potential tie-up with SM Energy ( SM ). Carrizo did not respond to Bloomberg's request for comment while SM Energy declined to comment when contacted by the news service for its report.

In other sector news:

(+) American Midstream Partners ( AMID ) raced over 28% higher after Monday agreeing to a buyout offer from an affiliate of the ArcLight Energy Partners Fund. Under terms of the proposed transaction, ArcLight will pay $5.25 apiece in cash for each of the pipeline company's shares, representing a 31.3% premium over Friday's closing price for the stock.

(+) Precision Drilling ( PDS ) was 3% higher in afternoon trading after announcing a deal to sell five idle drill rigs in Mexico for $48 million. The company already has received $30 million following the sale of three of the rigs, with the $18 million balance due when the buyer soon takes possession of the other two rigs. It also recently closed on the sale of its Terra Water Systems treatment business for an undisclosed amount.

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: CRZO , SM , AMID , PDS

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