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DRQ

Energy Sector Update for 08/02/2016: TRP,DRQ,CIE

Top Energy Stocks

XOM +0.84%

CVX +0.05%

COP +0.04%

SLB +0.33%

OXY -0.99%

Energy stocks turned moderate higher this afternoon, with the NYSE Energy Sector Index rising about 0.3% while shares of energy companies in the S&P 500 were up more than 0.5% as a group. Crude oil for September delivery settled 55 cents lower at $39.51 per barrel while September natural gas futures fell 4 cents to $2.73 per 1 million BTU.

In company news, TransCanada ( TRP ) shares have turned higher in late Tuesday trading after the Canadian pipeline company disclosed plans to build an $800 million marine terminal on the Gulf of Mexico and a 165-mile connecting pipeline system into central Mexico with partner firms Sierra Oil & Gas and Grupo TMM SAB.

TransCanada will have a 50% interest in the project, which will also include an inland distribution hub in central Mexico, while privately held Sierra holding a 40% stake and Grupo TMM owning the remaining 10%. The new pipeline is projected to carry around 100,000 barrels of refined products daily and will parallel TransCanada's recently awarded natural gas pipeline project in Mexico.

TRP shares were up more than 1% at $46.30 each in New York trading, reversing a mid-day slump and climbing as high as $46.35 a share this afternoon. But the company's Toronto-traded stock was just slightly above water at C$60.56 a share, turning around a 1.4% decline earlier.

In other sector news,

(+) DRQ, Extends four-year contract with Petrobras (PRQ) through Oct 27, pending resolution of ongoing negotiations for a longer-term deal, according to a regulatory filing last night.

(-) CIE, Shares fall to new record low after reporting adjusted Q2 net loss of $0.12 per share, missing analyst estimates expecting an $0.11 per share loss. Revenue rises to $3.2 mln but misses $5.5 mln Street view. Also says it does not expect to complete sale of two exploration blocs in Angola.

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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