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.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.