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

Top Energy Stocks

XOM -0.46%

CVX -0.25%

COP -0.56%

SLB -0.67%

OXY -0.84%

Energy stocks extended their prior declines this afternoon, with the NYSE Energy Sector Index falling more than 0.7% while shares of energy companies in the S&P 500 were down over 0.3% as a group. West Texas Intermediate crude oil for December delivery settled 35 cents lower at $56.77 per barrel in New York while the global benchmark Brent crude January contract declined 9 cents to $62.28 per barrel, December natural gas futures added 5 cents t0 $2.65 per 1 million BTU.

Among energy stocks moving on news:

(+) Teekay (TK) was nearly 6% higher shortly before Thursday closing bell after the oil and gas tanker company disclosed plans to boost its quarterly distribution by 32% over current levels to $0.0725 per share in 2020. The company also reported a 1.0% increase in Q3 revenue compared with the same quarter last year to $420.7 million. Analyst estimates were not available.

In other sector news:

(+) ProPetro (PUMP) rose almost 6% 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.

(+) Gevo (GEVO) climbed 5% after the biofuels producer Thursday said it has signed a fuel sales agreement with Scandinavian Airline System 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.

(-) Callon Petroleum (CPE) was more than 6% 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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