Energy Sector Update for 08/30/2018: GEOS,GLF,TDW,TRP,TRP.TO

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Top Energy Stocks

XOM -0.47%

CVX -0.09%

COP +0.08%

SLB +0.03%

OXY -0.34%

Energy stocks were mostly lower Thursday, with the NYSE Energy Sector Index falling almost 0.8% while shares of energy companies in the S&P 500 also were down over 0.7% as a group. West Texas Intermediate crude oil for October delivery was ahead 36 cents to $69.87 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was advancing 38 cents to $77.52 per barrel. September natural gas futures were unchanged at $2.87 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing more than 0.2% while United States Natural Gas was dropping more than 0.3%. The Philadelphia Oil Service Sector index was sinking nearly 1.5% in afternoon trading.

Among energy stocks moving on news:

(+) Geospace Technologies ( GEOS ) has climbed almost 3% higher after the maker of seismic data equipment used to identify oil and natural gas formations Thursday said it received contracts valued at more than $20 million from a pair of unidentified international seismic contractors that plan to rent as many as 12,500 stations of its cableless ocean-bottom OBX nodal system. Delivery is expected to begin late in the company's fiscal Q1 ending Dec. 31, with revenue recognition continuing throughout calendar 2019.

In other sector news

(-) GulfMark Offshore ( GLF ) was back on negative ground, retreating from a nearly 1% advance earlier Thursday that followed the marine oilfield-service company saying HGIM Corp's unsolicted buyout offer on Aug. 1 could produce a better deal than its current merger agreement with Tidewater ( TDW ). That determination allows GulfMark to negotiate a potential deal with the marine transportation company although the company warned there was no guarantee those talks would produce a superior offer. Earlier Thursday, GulfMark and Tidewater filed a joint proxy and registration statement for their merger proposal.

- TransCanada (TRP,TRP.TO) was down just under 1% just ahead of an early afternoon briefing by Canadian Finance Minister Bill Morneau on the company's TransMountain Expansion project in British Columbia. Separately, the company said bondholders have agreed to revisions in the company's TransCanada Pipelines 1993 indenture.

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: GEOS , TDW , TRP

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