Energy Sector Update for 09/20/2017: TGEN,ATW,ORIG

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Top Energy Stocks

XOM +0.39%

CVX +0.01%

COP +1.57%

SLB -0.57%

OXY +0.98%

Energy stocks rose Wednesday, with the NYSE Energy Sector Index climbing almost 0.8% while shares of energy companies in the S&P 500 was up nearly 0.6% as a group. Crude oil for November delivery settled 79 cents higher at $50.41 per barrel while October natural gas futures slipped 3 cents to $3.09 per 1 million BTU.

In company news, Tecogen ( TGEN ) was ending slightly under its session high, with shares of the energy cogeneration company rising over 6% to stay within a penny of its session high of $3.30 apiece in late Wednesday trading after selling a pair of its 200-ton, Tecochill STx Series chillers to an indoor cannabis grow facility in metropolitan Boston.

The units "scrub" harmful carbon and nitrogen oxides from the emissions of heating and cooling system, with the gases then used to assist plant growth. The deal was Tecogen's seventh to indoor pot growers and marks its 20th sale so far this year of the Tecochill units - or almost double its 2016 sales.

In other sector news,

(+) ATW, Leases Atwood Orca jackup rig for another four months offshore of Thailand to Mubadala Petroleum. Dayrate was not disclosed but company said it was an increase over current rates. Contract also contains two, four-month options that could stretch out the contract until April 2019.

(-) ORIG, Schedules extraordinary general meeting of shareholders for Nov. 3 to vote on several restructuring proposals, including a reverse 1-for-9,200 stock split. Investors owning ORIG Class A and B common shares on Sept. 25 are eligible to participate in the shareholder vote.

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: TGEN ,

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