Energy Sector Update for 04/09/2019: AMR,ENG,MGY

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Top Energy Stocks

XOM -0.98%

CVX -0.66%

COP -0.62%

SLB -1.09%

OXY -1.08%

Energy stocks were mostly lower, with the NYSE Energy Sector Index falling almost 0.8% while shares of energy companies in the S&P 500 also were down about 0.8% as a group. West Texas Intermediate crude oil for May delivery was slipping 40 cents to $64 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was declining 37 cents to $70.73 per barrel. May natural gas futures were a penny lower at $2.70 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 0.7% while the United States Natural Gas fund was dropping almost 0.6%. The Philadelphia Oil Service Sector index was down just under 1%.

Among energy stocks moving on news:

(-) Alta Mesa Resources ( AMR ) was edging lower on Tuesday after saying it hired Perella Weinberg Partners and Tudor Pickering Holt to be its financial advisors and to assist with analyzing financial alternatives as the oil and natural gas producer works to boost its liquidity. The company had about $86 million in cash on April 1 after drawing down the remaining funds available under its $370 million senior secured revolving credit facility.

In other sector news:

(+) ENGlobal ( ENG ) was 2% higher after the engineered modular construction company said it received around $14 million in orders during the first three months of 2019, including a $4.2 million procurement and on-site services contract at an idled oil refinery facility.

(+) Magnolia Oil & Gas Corp ( MGY ) rose over 2% after JPMorgan began coverage of the petroleum company with an overweight stock rating and a $16 price target.

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: AMR , ENG , MGY

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