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Energy Sector Update for 04/05/2019: CHK,APA,LGCY

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Top Energy Stocks

XOM +0.32%

CVX +1.33%

COP +1.03%

SLB +2.81%

OXY +2.56%

Energy stocks were sharply higher, with the NYSE Energy Sector Index Friday climbing 1.3% while shares of energy companies in the S&P 500 were up nearly 1.4% as a group. West Texas Intermediate crude oil for May delivery was rising 60 cents to $62.70 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was advancing 58 cents to $69.98 per barrel. May natural gas futures were 2 cents higher at $2.66 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead more than 0.9% while the United States Natural Gas fund also was posting a more than 0.9% gain. The Philadelphia Oil Service Sector index was up 2.2%.

Among energy stocks moving on news:

(+) Chesapeake Energy Corp ( CHK ) was rising nearly 6% on Friday after the natural gas company earlier said it issued slightly more than $918.5 million of its new 8.00% senior unsecured notes due 2026 to replace nearly two-thirds of its 6.625% and 6.875% senior notes maturing 2020 and its 6.125% and 5.375% senior notes both coming due in 2021 that were validly tendered by the company's April 3 deadline.

In other sector news:

(+) Apache Corp ( APA ) was 5.5% higher after BMO Capital Friday raised its price target for exploration and production company by $6 to $36 a share. In addition, the research shop also reiterated its market perform rating for the company's stock.

(+) Legacy Reserves ( LGCY ) was hanging on to a nearly 6% advance Friday after the oil and natural gas company said activist investors Baines Creek Partners LP has formally nominated three director candidates to stand for election at the company's annual shareholders meeting. The company already has met several times with the hedge fund, Legacy said, adding it is open to more discussions with the hedge fund and working in the best interest of all of its stakeholders. Baines Creek owns 23.5% of Legacy's outstanding stock.

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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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