Energy Sector Update for 12/14/2018: UGP, ENPH, CEL

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Top Energy Stocks

XOM, -2.1%

CVX, -2.1%

COP, -2.4%

SLB, -4.9%

OXY, -2.5%

Energy stocks were in the red ahead of the closing bell, with the NYSE Energy Sector Index declining 2.5% while shares of energy companies in the S&P 500 were down 2.6% as a group. Crude oil for January delivery settled $1.57 lower at $51.20 per barrel while March natural gas futures faded this afternoon, finishing with a 27-cent decline to $3.61 per 1 million BTU.

In company news, Ultrapar Participacoes ( UGP ) fell some 0.08% after it unveiled its investment plan for 2019, amounting to BRL1.76 billion ($450 million). The company said its board approved investment of BRL824 million for its subsidiary Ipiranga, a fuel company, where 50% will be allocated for the expansion of the distribution network.. The remaining 50% will be utilized for the maintenance and modernization of Ipiranga's activities, mainly in renewing contracts with clients and IT systems. For Ultrapar's unit Oxiteno, a manufacturer of specialty chemicals, the investment plan will be used mostly for maintaining and technologically updating its industrial units and its information systems. Among the company's other units, Ultrapar said its Ultragaz LPG distribution company would receive an investment of BRL279 million that will be focused on acquiring new clients in the bottled and bulk segment, replacing and buying LPG bottles, expanding and maintaining filling plants and in information technology.

In other sector news,

(-) Enphase Energy ( ENPH ) Says certain shareholders are selling $5 million 4.00% convertible senior notes due 2023 and 7.5 million common shares in a secondary offering

(-) Camber Energy ( CEI ) Says it has been granted an extension to comply with the NYSE listing requirement that requires a minimum of $6 million in stockholders' equity

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: UGP , ENPH , CEI , CEL

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