Energy Sector Update for 04/15/2019: ROAN,VET,VET.TO,PRB,TRNX
Top Energy Stocks
Energy stocks continued to extend their Monday decline, with the NYSE Energy Sector Index falling more than 0.4% in late trade while shares of energy companies in the S&P 500 were down almost 0.6% as a group. West Texas Intermediate crude oil for May delivery settled 49 cents lower at $63.40 per barrel in New York while the global benchmark Brent crude June contract declined 31 cents to $71.24 per barrel. May natural gas futures fell 7 cents to $2.59 per 1 million BTU. Among energy-related ETFs, the United States Oil fund fell about 0.6% while the United States Natural Gas fund dropped over 2.3%. The Philadelphia Oil Service Sector index was up almost 0.1%.
Among energy stocks moving on news:
(-) Roan Resources (ROAN) slumped Monday, sinking almost 8%, after saying board chairman and CEO Tony Maranto resigned late Friday from the oil and natural gas producer for personal reasons. The board selected Joseph Mills, currently a Roan director and chief executive at Samson Resources II, to become executive board chairman and he also took over as interim principal executive officer at the company beginning on Monday.
In other sector news:
(+) Petrobras (PBR) climbed fractionally on Monday after investment firms CVC Capital Partners and Itausa Investimentos reportedly expressed an interest in acquiring its Liquigas Distribuidora liquefied natural gas distribution subsidiary from the Brazilian energy major, according to Reuters, citing sources.
(-) Vermilion Energy (VET) was edging lower in late Monday trade after the Canadian oil and natural gas producer declared a CAD0.23 per share quarterly dividend, unchanged from its $0.17 per share distribution during the prior quarter and payable May 15 to shareholders of record on April 29. The company reportedly is planning to drill its first two exploration wells in Crotia in June, according to Reuters.
(-) Taronis Technologies (TRNX) dropped almost 17% after the alternative-energy company late Friday filed a shelf registration for the sale of up to $100 million of its equity and debt securities from time to time. The company also said the Florida Department of Environmental Protection included its water-cleaning technology in its library of accepted technologies.
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