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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Energy Videos

How Private Capital Is Shaping The Energy Evolution

Jan 06, 2022


Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More