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Energy Sector Update for 07/12/2019: UUUU,SMHI,UPL,MUR,BHGE


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Energy stocks were ending mostly higher this afternoon, with the NYSE Energy Sector Index climbing nearly 0.1% while shares of energy companies in the S&P 500 were up almost 0.6% as a group. West Texas Intermediate crude oil for August delivery settled 1 cent higher at $60.21 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract advanced 28 cents to $66.80 per barrel. August natural gas futures rose 4 cents to $2.45 per 1 million BTU.

In industry news:

US oil and natural gas companies removed a net five drillrigs from service during the seven days ended July 12, this week operating 784 oil rigs and 172 natural gas rigs, according to data compiled by energy services firm Baker Hughes ( BHGE ). The rig count in Canada fell by three, with companies adding five more oil rigs and taking eight natural gas rigs out of service over the past week. The combined North America count fell by eight to 1,075 rigs, representing a 14.1% decline compared with year-ago levels.

Among energy stocks moving on news:

(-) Energy Fuels ( UUUU ) plunged to a 14-month low on Friday, sinking almost 37% to its lowest share price since late May 2018 at $1.92 apiece following an Australian Financial Review report the White House won't support a Commerce Department proposal requiring nuclear power station operators to buy 25% of the uranium they use from US suppliers. US President Donald Trump has until Saturday to decide whether to impose quotas on imported uranium.

In other sector news:

(+) Ultra Petroleum ( UPL ) surged over 16% on Friday after the company said it was terminating an exchange offer proposing to swap its outstanding 7.125% senior notes due 2025 of its Ultra Resources unit for either the company's new 9% cash or its 2.5% payment-in-kind senior secured third lien notes due 2024.

(+) SEACOR Marine Holdings ( SMHI ) rose more than 3% on Friday after the transportation company serving the offshore oil and natural gas and wind farm industries said Robert Clemons was retiring as executive vice president and chief operating officer, effective immediately. SEACOR said it has no plans at this time to replace Clemons, who will be consulting for the company to assist with the transition of his duties.

(+) Murphy Oil ( MUR ) was edging higher in recent trading. Morgan Stanley Friday raised its price target by $2 to $24 a share and also reiterated an underweight rating on the company's stock.

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: BHGE , UUUU , SMHI , MUR



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