Energy

Energy Sector Update for 08/05/2020: ENLC, ENPH, GTE, XLE, USO, UNG

Energy stocks were trading higher during premarket Wednesday as the Energy Select Sector SPDR (XLE) rose 0.64%. The United States Natural Oil Fund (USO) also gained 3.56% and the United States Gas Fund (UNG) was up 1.05%.

The West Texas Intermediate crude oil added $1.37 to $43.07 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude was rose $1.40 to $45.83 per barrel and the natural gas futures were 3 cents higher to $2.22 per 1 million BTU.

EnLink Midstream, LLC (ENLC) gained more than 12% before markets open. The company said Tuesday it swung to Q2 net income of $0.01 per share from a loss of $0.03 per share a year earlier. Analysts polled by Capital IQ expected breakeven per share.

Gran Tierra Energy (GTE) retreated more than 4%. On Tuesday, the company reported a Q2 net loss of $1.01 per share, compared with net income of $0.10 per share in the year-ago quarter. Oil and gas sales also declined to $33.8 million from $158 million a year earlier.

Enphase Energy (ENPH) was down more than 2%. The company on Tuesday posted Q2 adjusted EPS of $0.17, down from $0.18 a year earlier. Analysts polled by Capital IQ had expected adjusted earnings of $0.14 per share.

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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