Energy Sector Update for 01/02/2020: RCON,PTR,UUUU, BRN

Top Energy Stocks

XOM +1.44%

CVX +0.36%

COP +0.37%

SLB +0.25%

OXY +2.84%

Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing almost 0.5% while shares of energy companies in the S&P 500 were up more than 0.6% as a group. West Texas Intermediate crude oil for February delivery was slipping 16 cents to $60.90 per barrel in New York while the global benchmark Brent crude March contract was steady at $66.00 per barrel. February natural gas futures were 6 cents lower at $2.13 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was dropping over 0.5% while the United States Natural Gas fund was sliding nearly 2.6%. The Philadelphia Oil Service Sector index was posting a 0.2% decrease.

Among energy stocks moving on news:

(+) Recon Technology (RCON) raced 22% higher after saying its subsidiary in Nanjing, China made the winning contract bid to develop an automation system for PetroChina (PTR) at its Jidong oilfield. Recon will receive around $1.36 million per year under the contract that began Wednesday and runs through the end of 2022, it said.

In other sector news:

(-) Energy Fuels (UUUU) declined 3% after the uranium miner late Tuesday renewed its at-the-market stock sales program, with plans to sell up to an additional $30 million of its common shares at prevailing market prices.

(-) Barnwell Industries (BRN) fell 7.6% after an investor group consisting of MRMP-Managers LLC and the NLS Advisory Group along with Ned Sherwood and Bradley Tirpak said it recently bought 275,000 Barnwell shares and was moving forward with its proxy fight to elect five new board members at the company's annual shareholders' meeting in March.

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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