Energy Sector Update for 08/15/2019: ECA,ECA.TO,NS,PNRG,CEI

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Top Energy Stocks

XOM -0.88%

CVX -0.93%

COP -1.74%

SLB -2.09%

OXY +0.39%

Energy stocks trimmed some of the earlier losses this afternoon, with the NYSE Energy Sector Index falling almost 0.8% while shares of energy companies in the S&P 500 also were down just over 0.8% as a group. West Texas Intermediate crude oil for September delivery settled 76 cents lower at $54.47 per barrel in New York while the global benchmark Brent crude October contract declined $1.33 to $58.15 per barrel. September natural gas futures rose 9 cents to $2.23 per 1 million BTU.

Among energy stocks moving on news:

(-) Encana Corp ( ECA ) slipped 2.5% lower on Thursday after revising the terms its $213 million modified Dutch Auction tender offering to reflect the recent decline in the company's share price, cutting the proposed price range for the share repurchases to $4.15 to $4.75 each from the original $4.70 to $5.40 per share range. It also extended the expiration date by an extra two weeks to August 28.

In other sector news:

(-) Nustar Energy ( NS ) slipped 1.3% after announcing its first delivery of Permian crude oil to North Beach Terminal in Corpus Christi, Texas, which is scheduled to be loaded for export this weekend.

(-) PrimeEnergy ( PNRG ) declined 6.6% after reporting Q2 net income of $2.85 per share, reversing a $0.27 per share loss during the year-ago period while revenue rose 40.6% year over year for the oil and natural gas company to $31.5 million. Analyst estimates were not available.

(-) Camber Energy ( CEI ) tumbled over 16% after saying its Lineal Industries subsidiary has begun work on a $2.3 million pipeline system connecting well pads in southwestern Pennsylvania for a master limited partnership owned by a top-tier US oil and gas company. It expects to complete the project within the next 90 days.

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: ECA , NS , PNRG , CEI

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