Energy Sector Update for 11/19/2018: QEP,REN,XEC,PNRG

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Top Energy Stocks

XOM -0.22%

CVX -0.21%

COP +0.19%

SLB -0.39%

OXY -0.30%

Energy stocks were moderately lower, with the NYSE Energy Sector Index falling 0.3% while shares of energy companies in the S&P 500 were down 0.4% as a group. West Texas Intermediate crude oil for December delivery was rising 15 cents to $56.61 per barrel, reversing a morning decline, while the global benchmark Brent crude January contract was declining 40 cents to $66.36 per barrel. December natural gas futures were continuing their wild swings, rising 45 cents - or about 10.6% - to $4.72 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was dropping 0.5% while the United States Natural Gas fund was climbing 8%. The Philadelphia Oil Service Sector index was up nearly 0.2%.

Among energy stocks moving on news:

(+) QEP Resources ( QEP ) has jumped out to a nearly 9% gain this afternoon, overcoming an early morning slump, after saying several of its units agreed to sell a portfolio of natural gas and oil producing properties, undeveloped acreage and associated gas gathering and treating systems in the Haynesville and Cotton Valley region in northwest Louisiana for $735 million.

In other sector news

(+) Resolute Energy ( REN ) climbed 16% on Monday after the oil and natural gas producer agreed to a $1.6 billion buyout offer from Cimarex Energy Co ( XEC ), including debt. The deal values Resolute at $35 per share, representing a 14.8% premium to Friday's closing price, with Resolute investors having the choice of receiving the entire amount in cash or 0.3943 of a share of Cimarex common stock or a combination of $14 per share in cash and 0.2366 os a Cimarex share. The transaction is slated to close during the first three months of 2019, subject to regulatory approvals and other closing conditions.

(-) PrimeEnergy Corp ( PNRG ) fell 2% on Monday. The oil and gas company reported Q3 net income of $1.54 per share, reversing a $0.92 per share net loss during the same quarter last year while revenue rose 70.9% to $29.4 million from $17.2 million during the year-ago period.

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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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