Quantcast

Energy Sector Update for 03/18/2019: FSTR,CRZO,AMID,AMID,PDS,PD.TO


Shutterstock photo

Top Energy Stocks

XOM +1.09%

CVX +0.48%

COP -0.10%

SLB +2.52%

OXY +2.14%

Energy stocks were sharply higher this afternoon, with the NYSE Energy Sector Index climbing almost 1.3% while shares of energy companies in the S&P 500 were up more than 1.3% as a group. West Texas Intermediate crude oil for April delivery settled 57 cents higher at $59.09 per barrel in New York while the global benchmark Brent crude May contract advanced 33 cents to $67.49 per barrel. April natural gas futures rose 6 cents to $2.85 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead nearly 1.0% while the United States Natural Gas fund rose more than 1.7%. The Philadelphia Oil Service Sector index was up almost 3.9% shortly before the closing bell.

Among energy stocks moving on news:

(-) LB Foster Co ( FSTR ) fell 2% on Monday after the energy infrastructure company reported non-GAAP Q4 net income of $0.21 per share, improving on a $0.01 per share adjusted profit during the year-ago period but still trailing the single-analyst estimate expecting $0.47 per share for the three months ended Dec. 31. Revenue rose 16.4% year-over-year to $164.5 million, also missing the $166.4 million analyst call.

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.

(+) Carrizo Oil and Gas ( CRZO ) has jumped out to 7% 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.

(+) Precision Drilling ( PDS ) was 4% 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.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Energy
Referenced Symbols: FSTR , AMID , CRZO , SM , PDS




More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities












Research Brokers before you trade

Want to trade FX?