Energy Sector Update for 09/04/2018: CREG,ORIG,RIG

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Top Energy Stocks

XOM +0.59

CVX +0.44%

COP -0.03%

SLB -0.78%

OXY -0.54%

Energy stocks were declining Tuesday, with the NYSE Energy Sector Index Thursday falling more than 0.7% while shares of energy companies in the S&P 500 also were down slightly nearly 0.4% as a group. West Texas Intermediate crude oil for October delivery was ahead 18 cents to $69.98 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude November contract was advancing 12 cents to $78.27 per barrel. October natural gas futures were 8 cents lower at $2.83 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing almost 0.2% while United States Natural Gas was dropping nearly 3.0%. The Philadelphia Oil Service Sector index was up more than 1.9%.

Among energy stocks moving on news:

(+) China Recycling Energy Corp ( CREG ) raced as much as 27% higher on Tuesday, topping out at $1.55 a share after the Chinese industrial waste-to-energy company said it was acquiring 20% of energy storage module-maker Xinhuan Energy from an individual shareholder in exchange for an undisclosed number of its common shares. The two companies said they will work together to develop and expand the energy storage business in China.

In other sector news

(+) Ocean Rig UDW ( ORIG ) climbed as much as 16% on Tuesday after the marine oilfield services company agreed to a $2.7 billion buyout offer from larger rival Transocean ( RIG ). Under terms of the proposed transaction, Ocean Rig investors will receive 1.6128 of a Transocean share plus $12.75 in cash for each of their shares. The deal values Ocean Rig at $32.28 a share. After the acquisition closes, Ocean Rig shareholders will own about 21% of the combined companies.

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: CREG , RIG

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