Top Energy Stocks
Energy stocks were trending higher in late trade, with the NYSE Energy Sector Index climbing almost 0.8% while shares of energy companies in the S&P 500 were up slightly less than 0.7% as a group. West Texas Intermediate crude oil for March delivery settled $1.32 higher to $53.31 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude March contract advanced $1.18 to $61.11 per barrel. February natural gas futures rose 4 cents to $2.95 per 1 million BTU. Among energy-related ETFs, the United States Oil fund rose nearly 2.0% while the United States Natural Gas fund added over 0.6%. The Philadelphia Oil Service Sector index also was up more than 0.1%.
Among energy stocks moving on news:
(+) Exxon Mobil ( XOM ) was fractionally higher in late Tuesday trading after the energy major received final approved for an expansion that will nearly double the size of its refinery in Beaumont, Texas, adding a third processing unit and making the facility the largest of its kind in the United States.
In other sector news:
(+) Rowan Companies plc ( RDC ) rose over 3% on Tuesday after Ensco ( ESV ) raised the value of its proposed all-stock buyout offer for the rival offshore driller. Under the amended merger agreement, investors will now receive 2.750 Ensco shares for each Rowan share they now own, up from its prior bid of 2.215 Ensco shares for each Rowan share.
(+) Noble Energy ( NBL ) was up 4% on Tuesday after the oil and natural gas producer declared a quarterly cash dividend of $0.11 per share, unchanged from its most recent distribution to shareholders.
(+) Total ( TOT ) advanced Tuesday, rising 1%, after the French energy major said it discovered natural gas and condensate at the Glengorm offshore prospect in North Sea, with an estimated 250 million barrels of oil equivalent in recoverable resources.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.