Sector Update: Energy Stocks Gaining Ahead of Wednesday Close

Last Updated: Wednesday, August 17, 2022 3:45 PM | MT Newswires

Energy stocks eased slightly this afternoon, with the NYSE Energy Sector Index up 0.6% and the SPDR Energy Select Sector ETF (XLE) gaining 0.9% in late trade. The Philadelphia Oil-Service Sector index added 0.5% while the Dow Jones US Utilities Index eased 0.2%.

West Texas Intermediate crude oil was $1.58 higher at $88.11 per barrel while Brent was advancing $1.06 to $93.40 per barrel. Henry Hub natural gas futures fell $0.09 to $9.24 per 1 million BTU, reversing an earlier advance.

In company news, SFL Corp (SFL) advanced 7.4% after the tanker and dry good shipping company reported improved Q2 results that also topped analyst estimates and raised its quarterly dividend by 4.5% to $0.23 per share.

Crescent Energy (CRGY) rose 7.2% after a regulatory filing showed Chief Financial Officer Brandi Kendall late last week bought 5,500 of the oil and natural gas producer's shares, with the Aug. 12 transactions marking her first purchase of Crescent stock. Clayton Rynd, who is an executive vice president at the company, also acquired 2,000 Crescent shares on Monday, boosting his stake to 3,500 shares, according to a separate filing.

Northern Oil & Gas (NOG) gained 3.7% after Wednesday announcing its purchase of non-operated assets in the Midland Basin for $110 million in cash. The deal covers around 1,600 acres in the Texas panhandle region and includes 6.4 net producing wells and 1.6 net wells-in-process as well as eight undeveloped locations, the company said.

EnLink Midstream (ENLC) was narrowly higher after the natural gas gathering, processing and transportation firm priced an upsized $700 million private placement of 6.5% senior notes maturing in September 2030 at 100% of their face value. The company had originally planned to offer $500 million of the notes.

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