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Energy Sector Update for 06/01/2018: GMLP,TGA,TGL.TO,RDS-A,RDS-B,RRC


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Energy stocks were finishing with small gains on Friday, with the NYSE Energy Sector Index rising nearly 0.2% while shares of energy companies in the S&P 500 also were up over 0.3% as a group. West Texas Intermediate crude oil for July delivery settled $1.23 lower at $66.77 per barrel in New York while the global benchmark Brent crude July contract declined 82 cents to $76.74 per barrel. July natural gas futures rose 1 cent to $2.96 per 1 million BTU. Among energy-related ETFs, United States Oil was slipping just under 2.0% while United States Natural Gas was hanging on for 0.7% gain. The Philadelphia oil-service sector index was climbing less than 0.1% in late trading.

Among energy stocks moving on news:

- Golar LNG Partners ( GMLP ) fell to a 26-month low on Friday, sliding just under 13% to its worst share price since March 2016 at $14.27 a share after analysts at Bank of America Merrill Lynch today cut their investment rating for the liquified natural gas shipper to Underperform from Buy and also lopped one-third from its previous price target to $16 a share. The downgrade follows the company Thursday morning reporting reduced Q1 net income and operating revenue compared with year-ago levels but still topping analyst projections on both its top and bottom lines.

In other sector news

+ Range Resources Corp ( RRC ) was more than 3% higher on Friday after the oil and natural gas producer declared a quarterly dividend of $0.02 per share, unchanged from its most recent distribution and payable June 29 to shareholders of record on June 15.

+ Royal Dutch Shell (RDS-A,RDS-B) climbed almost 1% on Friday after the energy major said it has begun production at Kaikias deepwater asset in the Gulf of Mexico roughly a year ahead of schedule. The company also said it was able to trim project costs by about 30% below initial estimates, lowering the forward-looking break-even price for Kaikias under $30 per barrel. The new asset has an estimated peak production rate of around 40,000 barrels per day.

- TransGlobe Energy Corp (TGA,TGL.TO) was down almost 3% Friday afternoon in U.S. trading, reversing a nearly 1% gain for the Canadian oil and natural gas producer that followed the company saying it was seeking a listing for its stock on the AIM sub-market of the London Stock Exchange. TransGlobe said it has already filed an applicaton with the appropriate market authorities to have all 72.2 million shares of its common stock listed on AIM and is expecting its admission to become effective and to begin trading in London on June 29.

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: GMLP , RRC , TGA


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