Top Energy Stocks
Energy stocks were narrowly higher this afternoon, reversing their prior declines. At last look, the NYSE Energy Sector Index was rising just over 0.2% while the shares of energy companies in the S&P 500 were up more than 0.1% as a group. West Texas Intermediate crude oil for November delivery was climbing 83 cents to $53.64 per barrel in New York while the global benchmark Brent crude December contract was advancing 77 cents to $59.14 per barrel. November natural gas futures were falling 2 cents to $2.33 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was posting a more than 0.8% gain while the United States Natural Gas fund was sinking almost 1.0%. The Philadelphia Oil Service Sector index was ahead over 0.7%.
Among energy stocks moving on news:
(+) Nordic American Tankers (NAT) climbed almost 12% on Monday after reporting "strong" improvement in demand for its fleet of Suezmax-grade tankers following the attacks last month on the Saudi Aramco production facilities in Saudi Arabia. Twenty one of the company's 23 super-sized tankers, it said in a new letter to shareholders, were trading on the open spot market where prices have recently climbed to around $68,000 per day. Overall, prices have soared about 400% over the past month, the company said, citing data from Clarkson Platou Research.
In other sector news:
(+) ConocoPhillips (COP) rose 3.5% after the energy major declared a $0.42 per share cash dividend, up 38% over its most recent distribution, and also said it expects to repurchase around $3 billion of its stock during 2020. The next dividend is payable Dec. 2 to investors of record on Oct. 17.
(-) Pembina Pipeline (PBA) declined fractionally on Monday after declaring a CAD0.20 per share quarterly dividend, unchanged from its previous payout to investors. US shareholders can expect to receive about $0.15 per share based on current exchange rates, it said. The upcoming dividend is payable Nov. 15 to shareholders of record on Oct. 25.
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