Energy Sector Update for 08/06/2018: KOS,LONE,VEDL

Top Energy Stocks

XOM -0.07%

CVX +0.23%

COP +0.84%

SLB +0.03%

OXY +0.12%

Energy stocks were mostly higher Monday afternoon, with the NYSE Energy Sector Index Thursday rising nearly 0.6% while shares of energy companies in the S&P 500 were up slightly more than 0.6% as a group. West Texas Intermediate crude oil for September delivery was ahead $1.10 to $69.59 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was advancing 82 cents to $74.03 per barrel. September natural gas futures were unchanged at $2.71 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing over 1.3% while United States Natural Gas was holding on to a 0.2% gain. The Philadelphia Oil Service Sector index was up just over 0.1% today.

In industry news:

Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb that had been halted since July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.

"The decision to resume oil shipment through the strait of Bab al-Mandeb was made after the leadership of the coalition has taken necessary measures to protect the coalition states' ships," Energy Minister Khalid al-Falih said in the ministry statement. Saudi Aramco confirmed that shipping had resumed effective immediately.

Among energy stocks moving on news:

- Kosmos Energy ( KOS ) was declining Monday, dropping over 2% in recent trade, after the oil and natural gas producer missed analyst projections with its Q2 financial results and also announced its $1.225 billion purchase of privately held Deep Gulf Energy.

In other sector news,

+ Lonestar Resources ( LONE ) was surging Monday, rising as much as 10%, despite posting mixed Q2 financial results after. The oil and natural gas company recorded an $0.84 per share net loss on $47.9 million in revenue during the three months ended June 30. That compares with a $1.07 per share net loss in the year-ago period on $18.1 million in revenue during the year-ago period. Analyst estimates were not available.

- Vedanta ( VEDL ) was narrowly lower Monday, slipping less than 1%, after the India-based natural resources company reported fiscal Q1 group earnings before interest, taxes, depreciation and amortization of $983 million, up from $778 million in the prior year period. Revenue grew to $3.55 billion from $3.09 billion, and topping the $2.99 billion analyst mean.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.