Energy Sector Update for 11/14/2019: GEVO,CPE,CRZO,PUMP

Top Energy Stocks

XOM -0.39%

CVX -0.29%

COP -0.40%

SLB -1.36%

OXY -0.30%

Energy stocks were mostly lower this afternoon, with the NYSE Energy Sector Index falling more than 0.6% while shares of energy companies in the S&P 500 were down more than 0.3% as a group. West Texas Intermediate crude oil for December delivery was slipping 9 cents to $57.03 per barrel in New York while the global benchmark Brent crude January contract was advancing 5 cents to $62.42 per barrel, December natural gas futures were 9 cents higher at $2.69 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was dropping more than 0.3% while the United States Natural Gas fund was 0.1% lower. The Philadelphia Oil Service Sector index was sinking almost 0.4%.

Among energy stocks moving on news:

(+) Gevo (GEVO) rose almost 5% after the biofuels producer Thursday said it has signed a fuel sales agreement with Scandinavian Airline System for to produce and supply sustainable aviation fuel to use in low-carbon fuel regions in the United States. The company expects to supply the Danish air carrier from its facility in western Minnesota, which is scheduled for expansion over the next several years. Financial terms of the new contract were not disclosed.

In other sector news:

(+) ProPetro (PUMP) rose 3% on Thursday. The oilfield-services company late Wednesday reported a 2.3% increase in Q3 revenue over the same quarter last year to $541.8 million and beating the Capital IQ consensus expecting $509.2 million in revenue for the three months ended Sept. 30.

(-) Callon Petroleum (CPE) was 1% lower after earlier Thursday announcing revised terms for its proposed merger with Carrizo Oil & Gas (CRZO), saying investors will receive 1.75 of a Callon share for each of their Carrizo shares instead of the previous 2.05-for-1 exchange ratio. The new terms will result in Callon shareholders owning 58% of the combined companies, up 4 percentage points over the prior proposal.

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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