Energy Sector Update for 08/12/2019: GPOR,HK,KLXE,TDW

Top Energy Stocks

XOM -0.40%

CVX -0.72%

COP -1.60%

SLB -0.90%

OXY -3.99%

Energy stocks were declining Monday, with the NYSE Energy Sector Index falling almost 1.1% while shares of energy companies in the S&P 500 were down nearly 1.2% as a group. West Texas Intermediate crude oil for September delivery was rising 32 cents to $54.82 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was advancing 9 cents to $58.62 per barrel. September natural gas futures were 1 cent lower at $2.11 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was climbing more than 0.7% while the United States Natural Gas fund was dropping over 0.9%. The Philadelphia Oil Service Sector index was down nearly 1.4%.

Among energy stocks moving on news:

(+) Gulfport Energy Corp (GPOR) was climbing more than 1% in recent trade after saying Quentin Hicks will be joining the oil and natural gas producer as its new chief financial officer on Monday, August 26. Hicks currently is CFO at Halcon Resources Corp (HK), where he was worked since August 2012 following its acquisition of GeoResources.

In other sector news:

(+) KLX Energy Services Holding (KLXE) rose 7% on Monday after authorizing a new stock buyback program for up to $50 million of its common shares, running indefinitely.

(-) Tidewater (TDW) fell 10.6% on Monday after the oilfield-services company late Friday reported a Q2 net loss of $0.42 per share, improving on a $0.44 per share loss during the same quarter last year but still missing the Capital IQ consensus looking for a $0.24 per share net loss. Revenue rose 19.2% over year-ago levels to $125.9 million, also trailing the $131.8 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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