Energy Sector Update for 08/23/2019: TRP,OPTT,PDS

Top Energy Stocks

XOM -2.27%

CVX -1.28%

COP -2.9%

SLB -4%

OXY -4.5%

Energy stocks were sharply lower, with the NYSE Energy Sector Index falling 2.1% while shares of energy companies in the S&P 500 were down nearly 2.4% as a group. West Texas Intermediate crude oil for October delivery was slipping $1.99 to $53.36 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declining $1.41 to $58.51 per barrel. September natural gas futures were unchanged at $2.16 per 1 million BTU.

Among energy stocks moving on news:

(-) TC Energy (TRP) was narrowly lower on Friday, reversing an earlier rise that followed the company saying the Nebraska Supreme Court affirmed a regulatory decision nearly two years ago that approved an alternative route for the Keystone XL crude oil pipeline through the state. The Nebraska Public Service Commission signed off on the substitute route in November 2017 although that move was quickly challenged by indigenous tribes, land owners and environmentalists, some of whom have previously said they will continue their legal fight even if the state's high court ruled against them.

In other sector news:

(+) Ocean Power Technologies (OPTT) was 13% higher after late Thursday saying it has successfully deployed a PB3 PowerBuoy in the North Sea for Premier Oil. The buoy will provide communications and remote monitoring from the Huntington field under nine-month lease, Ocean Power said, adding Premier received options to either extend the lease period or buy the PowerBuoy outright.

(-) Precision Drilling Corp (PDS) turned solidly lower this afternoon, falling 4% after giving back an early advance. The oilfield-services company said it has received permission from the Toronto Stock Exchange to begin a new stock buyback program to repurchase and retire up to 29.2 million shares over the next 12 months. The normal course issuer bid beginning Monday represents about 10% of the company's current public float.

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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