Energy Sector Update for 11/15/2018: TK, TDW, GLF, EQNR

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Energy stocks were higher, with the NYSE Energy Sector Index rising over 1.4% while the shares of energy companies in the S&P 500 also were up nearly 0.1% as a group. West Texas Intermediate crude oil for December delivery slipped 9 cents lower to $58.04 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude January contract was declining 34 cents to $66.47 per barrel. December natural gas futures were plunging 91 cents, or more than 18% lower, to $3.99 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing over 0.3% while United States Natural Gas was dropping more than 18%. The Philadelphia Oil Service Sector index was up more than 1.7% today.

Among energy stocks moving on news:

(-) Teekay Corp ( TK ) dropped more than 7% this afternoon, giving back a small gain soon after Thursday's opening bell after the petroleum floating storage and offloading company reported a surprise Q3 net loss. Excluding one-time items, Teekay recorded a non-GAAP net loss of $0.11 per share during the September quarter, improving on a $0.41 per share adjusted loss during he same quarter last year and missing the single-analyst call expecting the company to finish the quarter at $0.00 per share.

In other sector news

(+) Tidewater Inc. ( TDW ) climbed almost 5% after saying its shareholders, along with their counterparts at at GulfMark Offshore ( GLF ), have overwhemlingly voted in favor of the proposed $1.25 billion merger of the rival oilfield-services firms. More than 99% of the shareholders earlier Thursday cast votes in favor of the deal, Tidewater said, setting the stage for the transaction to close following Thursday's market close.

(+) Equinor ( EQNR ) was nearly 2% higher on Thursday after the Norwegian energy major acquired a 9.7% equity stake in Scatec Solar after buying 11.02 million Scatec shares for NOK700 million, or about $82.3 million.

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: TK , TDW , EQNR

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