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

Shutterstock photo

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.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Energy
Referenced Symbols: TNK , OBE

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?