Top Energy Stocks
Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing 0.5% while shares of energy companies in the S&P 500 were up 1% as a group. West Texas Intermediate crude oil for July delivery was slipping 18 cents to $52.33 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract was declining 48 cents to $61.53 per barrel. July natural gas futures were unchanged at $2.38 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 0.5% while the United States Natural Gas fund also was dropping over 0.4%. The Philadelphia Oil Service Sector index was up slightly more than 2.8%.
Among energy stocks moving:
(-) Rattler Midstream (RTLR) was declining Monday afternoon, falling over 1%. Seaport Global Securities Monday began analyst coverage of the petroleum pipeline company with a buy rating.
In other sector news:
(+) C&J Energy Services (CJ) climbed 25% on Monday after the oilfield services company agreed to a $1.8 billion merger of equals with rival Keane Group (FRAC). Under terms of the proposed transaction, C&J investors will receive 1.6149 Keane common shares along with a $1 per share special dividend for each of their share and with shareholders at each firm will own equal 50% shares of the combined companies.
(-) Equinor (EQNR) was slightly lower this afternoon. The Norwegian energy major, together with its partners Ineos and Faroe Petroleum, Monday announced an oil and gas discovery at their Snadd Outer Outer/Black Vulture exploration well in the Norwegian Sea.
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