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

Top Energy Stocks

XOM +1.40%

CVX +0.61%

COP +0.40%

SLB -0.21%

OXY +3.24%

Energy stocks still were mostly higher this afternoon, with the NYSE Energy Sector Index climbing just over 0.4% while shares of energy companies in the S&P 500 were up almost 0.7% as a group. West Texas Intermediate crude oil settled 12 cents higher at $61.18 per barrel in New York while the Brent crude front-month contract for rose 20 cents to $66.20 per barrel. Natural gas futures fell 7 cents to $2.12 per 1 million BTU.

Among energy stocks moving on news:

(-) Williams Companies (WMB) was 1% lower after the energy infrastructure company Thursday said it expects the Federal Energy Regulatory Commission will approve the settlement offer in a pending rate case for its Transcontinental Gas Pipe Line Company sometime during the second quarter of 2020. The company is projecting the proposal will boost its FY20 earning by around $76 million and has already included its impact as part of its yearly outlook.

In other sector news:

(+) Recon Technology (RCON) raced over 21% 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.

(-) Energy Fuels (UUUU) declined more than 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 just under 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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