Energy Sector Update for 11/29/2018: MDR,HMLP,DVN

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Top Energy Stocks

XOM +0.77%

CVX +0.85%

COP +1.07%

SLB -0.38%

OXY +0.79%

Energy stocks were higher, with the NYSE Energy index rising 0.6% this afternoon, while shares of energy companies in the S&P 500 were climbing 1% as a group. West Texas Intermediate crude oil for January delivery was rising $1.50 - or almost 3% - to $51.79 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude January contract was advancing $1.23 to $59.99 per barrel. December natural gas futures were lower this afternoon, sinking 8 cents to $4.62 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was recording a more than 3.2% gain while the United States Natural Gas fund was dropping 0.6%. The Philadelphia Oil-Services index was ahead about 0.6% in recent trade.

Among energy stocks moving on news:

(+) McDermott International ( MDR ) rose almost 9% at one point on Thursday after the oilfield engineering and construction company said it has closed on a $300 million private placement of redeemable preferred stock and warrants. McDermott also said it now has access to a previously announced $230 million letter-of-credit facility.

In other sector news:

(+) Hoegh LNG Partners LP ( HMLP ) climbed 2.4% higher on Thursday after the liquefied natural gas carrier and storage partnership reported Q3 net income topping analyst forecasts, earning $0.51 per unit and beating the Capital IQ consensus by $0.07 per unit. Revenue increased 4% over the same quarter last year to $37.3 million, roughly in-line with the $37.5 million Street view.

(+) Devon Energy ( DVN ) was fractionally higher Thursday after saying on Wednesday former CEO John Richels will not stand for re-election as board chairman at the company's upcoming annual meeting of shareholders in June 2019. Richels was chief executive at the oil and natural gas producer between 2010 to July 2015 and became board chairman the following June.

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: MDR , HMLP , DVN

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