Energy

Energy Sector Update for 06/17/2019: RTLR,CJ,FRAC,EQNR,CVX,VLO,LUV

Top Energy Stocks

XOM +1.00%

CVX +0.39%

COP +0.19%

SLB +1.82%

OXY +1.17%

Energy stocks were ending 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 about 0.9% as a group. West Texas Intermediate crude oil for July delivery settled 58 cents lower at $51.93 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude August contract declined $1.07 to $60.94 per barrel. July natural gas futures were unchanged at $2.38 per 1 million BTU.

Among energy stocks moving on news:

(+) C&J Energy Services (CJ) climbed 20% 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.

(-) Rattler Midstream (RTLR) was declining Monday afternoon, falling almost 2%. Seaport Global Securities Monday began analyst coverage of the petroleum pipeline company with a buy rating.

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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RTLR EQNR CVX

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