Top Energy Stocks
Energy stocks turned narrowly lower this afternoon, with the NYSE Energy Sector Index Thursday falling less than 0.1% while shares of energy companies in the S&P 500 also were down less than 0.1% as a group. West Texas Intermediate crude oil for October delivery settled $1.79 lower at $68.59 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude November contract declined $1.41 to $78.33 per barrel. October natural gas futures fell a penny to $2.82 per 1 million BTU. Among energy-related ETFs, United States Oil dropped over 2.0% while United States Natural Gas slipped about 0.5%. The Philadelphia Oil Service Sector index was down about 0.9% today.
Among energy stocks moving on news:
(+) TransCanada Corp (TRP,TRP.TO) was fractionally higher in late Thursday trading after the Canadian pipeline company today said it has signed community and project agreements with all 20 of the elected Indigenous bands along the proposed route of its Coastal Gaslink pipeline project in British Columbia. The agreements include around $620 million in conditional contracting and employment opportunities to northern Indigenous businesses along with another $400 million in expected contracting opportunities for local and Indigenous businesses during construction.
In other sector news
(+) Coda Octopus Group ( CODA ) was almost 16% higher in Thursday trading, easing from a nearly 26% increase previously in the session that followed the petroleum imaging and subsea sonar technology reporting improved Q3 net income compared with year-ago levels. The company earned $0.19 per share during the three months ended July 31, up from $0.12 per share during the same quarter last year, despite a 21.2% year-over-year decline in revenue to $12.4 million. Analyst estimates were not available.
(+) Methanex (MEOH,MX.TO) raced almost 7% higher to a new all-time high of $78.05 a share after analysts at Raymond James raised their investment recommendation for the Canadian methanol producer to Outperform from Market Perform and also increased their price target for the company's stock by $18 to $90 a share. The upgrade also sent the stock to a record high at the Toronto Stock Exchange, rising over 6% to CAD101.52 a share.
(-) Ecopetrol ( EC ) declined Thursday, falling as much as 3%, following reports Colombian President Ivan Duque said the state-owned oil and natural gas firm will not be sold, stating it remains "a symbol" of the country. The Colombian government owns more than 88% of Ecopetrol common stock.