Energy Sector Update for 11/20/2018: TRCH,REN,XEC,VVV

Top Energy Stocks

XOM -3.01%

CVX -3.07%

COP -4.49%

SLB -3.42%

OXY -3.99%

Energy stocks were sharply lower, with the NYSE Energy Sector Index falling almost 3.1% while shares of energy companies in the S&P 500 were down nearly 3.4% as a group. West Texas Intermediate crude oil for January delivery was plunging almost 7% today, falling $4.01 to $53.19 per barrel while the global benchmark Brent crude January contract was declining $4.58 cents to $62.21 per barrel. December natural gas futures were 38 cents lower at $4.32 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was sliding over 7.2% lower while the United States Natural Gas Fund was dropping more than 6.1%. The Philadelphia Oil Service Sector index also was down over 5.5%.

Among energy stocks moving on news:

(-) Torchlight Energy Resources ( TRCH ) dropped 6.4% this afternoon amid a rout in energy stocks. The petroleum exploration and production company said it has completed drilling at its A11 No. 2 well in the Orogrande Basin in New Mexico. The well was drilled to a vertical depth of 4,009 feet and electric logs showed excellent hydrocarbon potential in multiple intervals with the presence of both oil and gas, the company said. In particular, one zone appears to be about 190 feet thick starting at 3,800 feet and extending to a depth of approximately 3,990 feet.

In other sector news:

(-) Valvoline ( VVV ) was narrowly lower, giving back an earlier gain Tuesday. The company's board authorized a 40% increase in its quarterly dividend compared with its most recent distribution to investors. The new $0.106 per share dividend is payable Dec. 17 to shareholders of record on Nov. 30.

(-) Resolute Energy ( REN ) was down almost 3% after the company's largest institutional investor, Kimmeridge Energy Management, said a proposed $1.6 billion takeover of the oil and natural gas producer undervalues the company, according to a Reuters report. Cimarex Monday offered to acquire Resolute Energy at $35 per share in cash or stock, representing a 14.8% premium to Friday's closing price.

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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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