Energy

Energy Sector Update for 08/05/2020: ENLC,OAS,CPE

Energy stocks were higher again Wednesday afternoon, with the NYSE Energy Sector Index climbing 1.5% while the SPDR Energy Select Sector ETF was up 1.1%.

Front-month West Texas Intermediate crude oil was rising $1.00 to $42.70 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract increased $1.17 to $45.60 per barrel. Henry Hub natural gas futures were 1 cent lower at $2.19 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund is ahead 2.2% while the United States Natural Gas Fund is advancing 0.1%. The Philadelphia Oil-Service Sector index was posting a 2.9% gain.

Stocks moving on news include EnLink Midstream (ENLC) jumping 19% after the natural gas gathering and storage company reported Q2 net income of $0.01 per share, reversing a $0.03 loss during the same quarter last year and topping the Capital IQ consensus breakeven.

Oasis Petroleum (OAS) was nearly 13% higher after the oil and natural gas company earlier Wednesday reported a surprise adjusted Q2 $0.23 per share, excluding one-time items, up from $0.03 per share during the year-ago period and beating the Capital IQ consensus for a loss of $0.13.

Callon Petroleum Company (CPE) dropped almost 11% after the firm reported late Tuesday a Q2 net loss of $3.94 per share, reversing a $0.23 profit during the same quarter last year and missing the Capital IQ consensus for a $0.02 loss. Revenue fell 5.9% year-over-year to $157.2 million, missing the $207.6 million Street view.

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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