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Energy Sector Update for 09/15/2017: TNK,REN,OBE


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Top Energy Stocks

XOM -0.15%

CVX -0.06%

COP +1.16%

SLB -1.02%

OXY -0.45%

Energy stocks have reversed their prior declines, with the NYSE Energy Sector Index rising less than 0.1% in recent trading while shares of energy companies in the S&P 500 were up less than 0.1% as a group.

In company news, Teekay Tankers ( TNK ) advanced Friday, rising as much as 10% to touch a session high of $1.58 a share, after the directors at the marine petroleum shipping company authorized a new stock buyback program for up to $45 million of its Class A common stock.

Also, Huber Capital Management and its principal, Joseph Huber, this week let go of a small portion of their equity stake in Teekay, selling 181,000 shares to trim their overall interest in the company to 10.2% from 10.3% previously, according to new regulatory filings.

Huber and the fund also have agreed to vote in favor of a proposal that would increase the number of Class A shares the company can issue and allowing Teekay to complete its merger with Tanker Investments Ltd.

In other sector news,

(+) REN, (+7.0%) Through a subsidiary, agrees to sell its Aneth Field interests in Utah's Paradox Basin to an affiliate of Australia-based Elk Petroleum for $160 mln in upfront cash and up to $35 mln of additional contingency payments. Deal expected to trim FY17 production targets by around 1,000 barrels of oil equivalent per day.

(-) OBE, (-2.9%) Nasdaq warns company its stock was at risk of being delisted after its average closing per-share price over the past 30 trading sessions fell under the stock exchange's $1 minimum.

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: TNK , REN , OBE



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