Sector Update: Energy Stocks Trim Losses After WTI Crude Oil Hits 8-Month High

Wednesday, November 25, 2020 3:54 PM | MT Newswires

Energy stocks were ending lower this afternoon, with the NYSE Energy Sector Index falling 1.2% while the SPDR Energy Select Sector ETF was down 1.9%.

Front-month West Texas Intermediate crude oil settled 80 cents higher at an eight-month high of $45.71 per barrel the global benchmark Brent crude contract added 73 cents to $48.59 per barrel. Henry Hub natural gas futures rose 12 cents to $2.90 per 1 million BTU.

In company news, Breeze Holdings Acquisition Corp (BREZU) turned fractionally higher this afternoon after the blank check company targeting the oil and natural gas sectors Wednesday said underwriters for its initial public offering earlier this week exercised their entire over-allotment option by buying 1.5 million common shares at $10 each, increasing net proceeds for the deal to $115 million.

Continental Resources (CLR) rose about 1% after the oil and natural gas producer increased the size of its tender offer for its 5% senior notes due 2022 and its 4.5% senior notes due 2023 by another $270 million to $1.27 billion. The move follows the company saying investors had tendered $1.47 billion of the notes through Tuesday's early tender deadline.

Stealthgas (GASS) fell 6.4% after the liquefied petroleum gas shipper reported non-GAAP Q3 net income of $0.08 per share, improving on a $0.01 adjusted profit during the same quarter last year but still trailing the single-analyst estimate by $0.01 per share. Revenue increased 1.3% year-over-year to $37.1 million.

Frontline (FRO) slid 8.2% after the tanker company reported a Q3 profit of $0.29 per share, reversing a $0.06 per share loss during the year-ago period but lagging the single-analyst estimate expecting $0.33 per share and prompting Jefferies to lower its price target for Frontline shares by 50 cents to $8.50 apiece.

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