Energy Sector Update for 08/05/2019: SLNG, GTLS, SBR, FLMN, DO

Top Energy Stocks

XOM -2.43%

CVX -2.10%

COP -3.46%

SLB -3.59%

OXY -3.34%

Energy stocks extended their day-long retreat this afternoon, with the NYSE Energy Sector Index falling nearly 3.0% while shares of energy companies in the S&P 500 were down almost 3.2% as a group. West Texas Intermediate crude oil for September delivery settled 97 cents lower at $54.69 per barrel in New York while the global benchmark Brent crude October contract declined $2.12 to $59.77 per barrel. September natural gas futures fell 5 cents to at $2.07 per 1 million BTU.

Among energy stocks moving on news:

(-) Stabilis Energy (SLNG) was down 5.4% in late trade after Chart Industries Monday agreed to invest up to $7 million in the small-scale liquefied natural gas production and distribution company in exchange for up to 9% of Stabilis' common stock. The deal is expected to close within the next thirty days, subject to both companies meeting certain closing conditions and with the exact amount of Chart Industries' investment and ownership stake to be determined by an mutually agreed formula at closing.

In other sector news:

(-) Sabine Royalty Trust (SBR) dropped 3% on Monday. The oil and natural gas producer declared a cash distribution of $0.228930 per unit, up 29.8% over its $0.176360 per unit July distribution. The upcoming distribution is payable August 29 to investors of record on August 15.

(-) Falcon Minerals (FLMN) was sinking nearly 17% after Monday reporting below-consensus Q2 financial results, earning $0.08 per share on $18.2 million in revenue compared the analyst mean expecting a $0.12 per share profit on $20.8 million in revenue during the three months ended June 30. The oil and natural gas producer also lowered its upcoming distribution by 14.3% from its most recent quarterly payout, declaring a $0.15 per share dividend payable Sept. 6 to shareholders of record on August 26.

(-) Diamond Offshore Drilling (DO) slid almost 19% on Monday after the oilfield-services company reported a wider-than-expected Q2 net loss of $0.99 per share, trebling its $0.33 per share loss during the year-ago period and missing Wall Street expectations looking for an $0.88 per share net loss. Revenue fell to $216.7 million from $268.9 million during the same April-to-June quarter last year, also lagging the $288.5 million analyst mean.

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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