Energy Sector Update for 10/07/2019: COP,NAT,PBA,PPL.TO

Top Energy Stocks

XOM -0.46%

CVX +0.11%

COP +3.53%

SLB +0.88%

OXY -1.10%

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.

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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