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Energy Sector Update for 01/04/2019: FLOW,PBR,PTEN

Top Energy Stocks

XOM +3.53%

CVX +1.94%

COP +2.06%

SLB +3.82%

OXY +3.05%

Energy stocks were broadly higher in recent trading, with the NYSE Energy Sector Index climbing 2.8%, while shares of energy companies in the S&P 500 were up 3.2% as a group. West Texas Intermediate crude oil for February delivery was rising 89 cents to $47.98 per barrel at the New York Mercantile Exchange, while the global benchmark Brent crude March contract was advancing $1.01 to $56.96 per barrel. February natural gas futures were 4 cents higher at $2.99 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was climbing about 2%, while the United States Natural Gas fund was ahead 2.8%. The Philadelphia Oil Service Sector index was up 4.5%.

Among energy stocks moving on news:

(+) Transocean Inc ( RIG ) climbed 5.2% on Friday after the offshore drilling company late Thursday said it had begun a $700 million tender offer for four series of its senior notes maturing each year starting in 2020 through 2023. The tender offer is scheduled to expire Jan. 31 and includes a $30 premium for each $1,000 of the notes tendered by 5 p.m. ET on Jan. 16.

In other sector news:

(+) Patterson-UTI Energy ( PTEN ) jumped out to a 6.8% gain after the oilfield-services company said it operated an average of 185 drilling rigs during December, unchanged from the prior month and up from 163 from one year ago.

(-) SPX FLOW ( FLOW ) rose 2%, reversing a decline earlier Friday, after RBC Capital Markets lowered its investment rating on the energy equipment company to underperform from sector perform. RBC also cut its price target on the stock by $8 to $27 a share, citing its debt leverage, industry exposures and the "unsettling" departure of chief financial officer Jeremy Smeltser.

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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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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PBR FLOW RIG PTEN

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