Energy Sector Update for 03/29/2019: OIS,TNP,CEIX,ENB,ENB.TO

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Top Energy Stocks

XOM -0.14%

CVX -0.07%

COP -0.92%

SLB -0.03%

OXY -0.68%

Energy stocks turned lower this afternoon, with the NYSE Energy Sector Index falling about 0.1% while shares of energy companies in the S&P 500 were down over 0.2% as a group. West Texas Intermediate crude oil for May delivery settled 84 cents higher at $60.14 per barrel in New York while the global benchmark Brent crude May contract advanced 57 cents to $68.39 per barrel. May natural gas futures fell 5 cents to $2.66 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead almost 1.4% while the United States Natural Gas fund was dropping about 1.8%. The Philadelphia Oil Service Sector index was down just over 0.1%.

Among energy stocks moving on news:

(+) Oil States International ( OIS ) rose over 3% after Wells Fargo raised its stock rating for the oilfield-services company to outperform from market perform.

In other sector news:

(+) Consol Energy ( CEIX ) was more than 1% higher after the bituminous coal miner said it has negotiated a $100 million increase in its borrowing capacity after revising its revolving credit facilities and its term loan A and B facilities, also reducing its cost of capital through lower interest rates and extended maturities.

(-) Enbridge ( ENB ) fell fractionally after Michigan Governor Gretchen Whitmer decided to block construction of the company's Line 5 oil pipeline tunnel replacement after State Attorney General Dana Nessel issued a legal opinion concluding that a state law creating a regulatory authority to oversee construction was unconstitutional. Tudor, Pickering & Holt Friday also reiterated its hold rating on Enbridge citing rising opposition to the pipeline project.

(+) Tsakos Energy Navigation Ltd ( TNP ) was fractionally higher on Friday after the crude oil and liquefied natural gas tanker company reported an $0.84 per share net loss for its Q4 ended Dec. 31, expanding on a $0.19 per share loss during the same quarter in 2017 and missing the Capital IQ consensus expecting a $0.05 per share GAAP net loss. Total gross revenue increased 14.3% year over year to $153.8 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: OIS , CEIX , ENB , TNP

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