Energy Sector Update for 07/27/2020: CNXM, CNX, EQT, VET, XLE, USO, UNG
Energy stocks were climbing premarket Monday as the Energy Select Sector SPDR (XLE) was up 0.35% in recent trading. The United States Oil Fund (USO) was 0.44% lower and the United States Natural Gas Fund (UNG) was down 0.1%. West Texas Intermediate crude oil was up $0.06 at $41.35 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.09 to $43.43 per barrel and natural gas futures were 1 cent lower at $1.80 per 1 million BTU.
CNX Midstream Partners (CNXM) was climbing past 19% after the company and CNX Resources (CNX) announced a definitive merger deal. CNX Resources will acquire all of CNX Midstream's common shares that it does not already own, in exchange for shares valued at approximately $357 million. CNX Resources was recently declining by more than 7%.
EQT (EQT) was more than 1% lower as it released its Q2 results, posting $0.18 in adjusted loss per share that reversed last year's adjusted EPS of $0.09. Analysts polled by Capital IQ had an average loss estimate of $0.14 per share.
Vermilion Energy (VET) was flat after it reported a net loss of CA$0.45 ($0.32) per basic share in the second quarter versus earnings of CA$0.01 a share in the year-earlier quarter, while revenue fell to CA$193 million ($138.8 million) from CA$428 million the previous year.
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