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Energy Sector Update for 10/09/2018: PBA,PPL.TO,AM,AMGP,AR,RRC,WMB


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Top Energy Stocks

XOM +0.27%

CVX +1.39%

COP +1.25%

SLB +0.19%

OXY +0.34%

Energy stocks maintained most of their earlier gains, with the NYSE Energy Sector Index rising almost 1.0% during Tuesday trading while shares of energy companies in the S&P 500 were up slightly less than 0.8% as a group. West Texas Intermediate crude oil for November delivery settled 67 cents higher at $74.96 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract advanced 88 cents to $84.79 per barrel. November natural gas futures finished little changed at $3.27 per 1 million BTU. Among energy-related ETFs, United States Oil climbed nearly 0.9% while United States Natural Gas dropped less than 0.1%, paring a much large decline. The Philadelphia Oil Service Sector index was ending nearly 1.1% higher today.

Among energy stocks moving on news:

(+) Pembina Pipeline Corp (PBA,PPL.TO) turned fractionally lower shortly before Tuesday's closing bell, quickly giving a recent advance that followed the Canadian pipeline company hiring a CellCube Energy Storage Systems subsidiary to assist with its electrical switchgear needs. Pembina and CellCube already share some history, with CellCube receiving between $12 million to $15 million in prior work orders from Pembina over the past three years. CellCube said the new master agreement represents a "new chapter" in their relationship and said it already has received its initial purchase order from Pembina but declined to provide additional details.

In other sector news

(+) Antero Midstream Partners ( AM ) jumped over 8% higher on Tuesday after the natural gas pipeline partnership agreed to a buyout offer from its general partner, Antero Midstream GP LP ( AMGP ). Under the terms of the proposed transaction, public Antero Midstream investors will receive $3.415 in cash and 1.635 shares of new Antero Midstream stock for each unit they now own. Antero Midstream units now held by Antero Resources ( AR ) will exchanged for a combination of $3.00 in cash and 1.6023 shares of new Antero Midstream stock. The combined companies also will be renamed Antero Midstream Corp.

(+) Range Resources ( RRC ) was almost 3% higher on Tuesday after analysts at Goldman Sachs raised their price target for the oil and natural gas producer's stock by 50 cents to $17.50 a share. The research shop also maintained its Neutral rating for Range Resources shares.

(-) Williams Companies ( WMB ) still was moderately lower this afternoon, falling less than 1%, after the oil and natural gas pipeline company said it has received binding, 15-year commitments from Seneca Resources Company and Cabot Oil & Gas for 100% of the 580 million dekatherms of transportation capacity under the proposed Leidy South expansion project for its Transco interstate pipeline .

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: AM , AMGP , AR , RRC , WMB



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