Energy Sector Update for 10/15/2021: EVA,KOS,MMAT

Energy stocks rose Friday afternoon, with the NYSE Energy Sector Index climbing 1% while the Energy Select Sector SPDR ETF (XLE) gained 0.8%.

Front-month West Texas Intermediate crude oil advanced $0.72 to $82.03 per barrel while global benchmark Brent rose $0.63 to $84.63. Henry Hub natural gas futures were $0.17 lower at $5.51 per million BTU.

The Philadelphia Oil Service Sector index was up 2%, while the Dow Jones US Utilities Index slipped 0.1%.

In company news, Enviva Partners (EVA) rose almost 13% after the wood pellets supplier Friday announced plans to acquire its general partner Enviva Holdings for 16 million of its common units while converting from a master limited partnership to a corporation.

Kosmos Energy (KOS) climbed 9.4% after the oil and natural gas producer overnight priced a $123.8 million public offering of 37.5 million common shares at $3.30 per hare, 7% below Thursday's close. The stock was aso benefiting from a Berenberg upgrade to buy from hold Friday.

Meta Materials (MMAT) slid 2% after saying it has begun drilling at its Orogrande project in the Permian basin in western Texas, satisfying lease obligations for the land-grant university properties requiring the company to drill and operate four wells before the end of 2021.

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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