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Energy Sector Update for 01/30/2017: XOM, CVX, COP, SLB, OXY, DHT, FRO, CPST, BWEN

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Top Energy Stocks

XOM: -1%

CVX: -1.8%

COP: -3.8%

SLB: -1.3%

OXY: -1.9%

Energy shares were in negative territory at mid-day on Monday.

Light, sweet crude oil for March delivery was down 0.8% at $52.77 per barrel. In other energy futures, heating oil was down 0.2% at $1.63 per gallon while natural gas was 2.9% lower at $3.26 British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.8% at $11.31 while the United States Natural Gas ETF ( UNG ) was down 3.4% at $8.15.

In other energy news, DHT Holdings ( DHT ) was up 10.8% after the tanker company said Frontline Ltd. ( FRO ) has made a $5.09 per share non-binding, highly conditional offer.

Frontline said it is in initial talks with DHT and that it would acquire the company in a stock-for-stock transaction at a ratio of 0.725 Frontline shares for each DHT share. Frontline, together with its affiliates, has also acquired nearly 15.4 million shares of DHT, or approximately 16.4% of the outstanding common stock. FRO shares were down marginally.

In other sector news,

(+) CPST, (+5.4%) Reported preliminary fiscal Q3 revenue above consensus estimates

(-) BWEN, (-3.2%) Reached agreement to acquire North Carolina-based Red Wolf Company, a fabricator, kitter and assembler of industrial systems supporting the gas turbine market.

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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