Energy Sector Update for 09/09/2019: CPE,CRZO,MUR,CQP

Top Energy Stocks

XOM +0.59%

CVX +0.68%

COP +1.17%

SLB +5.85%

OXY +0.07%

Energy stocks were sharply higher, with the NYSE Energy Sector Index Monday climbing more than 1.5% while shares of energy companies in the S&P 500 were up over 1.6% as a group. West Texas Intermediate crude oil for October delivery was rising $1.37 to $57.89 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude November contract was advancing $1.21 cents to $62.75 per barrel. October natural gas futures were 9 cents higher at $2.58 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead nearly 2.2% while the United States Natural Gas fund was posting a more than 3.3%. The Philadelphia Oil Service Sector index also was up over 4.9%.

Among energy stocks moving on news:

(+) Callon Petroleum (CPE) surged more than 9% higher on Monday after Paulson & Co. said it will vote against the proposed $3.2 billion, all-stock acquisition of the oil and natural gas company by rival Carrizo Oil & Gas (CRZO) and instead urged the Callon board to pursue an alternative sale. "The sharp decline in (Callon's) stock price since the transaction announcement on July 15 demonstrates the market's judgement of the value-eroding nature of the proposed acquisition," Paulson said in a letter to the company's board of directors.

In other sector news:

(+) Murphy Oil (MUR) climbed over 4% after KeyBanc Monday started analyst coverage of the exploration and production company with an overweight rating and a $24 price target.

(+) Cheniere Energy Partners (CQP) was hanging on to a 0.9% gain on Monday after unveiling plans for a $1 billion private placement of its senior notes due 2029. The liquefied natural gas regasification company is expecting to use most of the net proceeds to repay all of its outstanding term loans due 2024 and funding construction of another train at its Sabine Pass liquefaction facility in Louisiana.

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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