Top Energy Stocks
Energy stocks were broadly higher this afternoon, with the NYSE Energy Sector Index climbing 1% while shares of energy companies in the S&P 500 were up 1.3% as a group. West Texas Intermediate crude oil for July delivery was rising 17 cents to $53.42 per barrel, reversing a small decline earlier this morning while the global benchmark Brent crude August contract was advancing 49 cents to $61.77 per barrel. July natural gas futures were 2 cents higher at $2.43 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead 1% while the United States Natural Gas fund was posting a 0.9% gain. The Philadelphia Oil Service Sector index was up more than 1%.
Among energy stocks moving on news:
(+) Continental Resources (CLR) jumped 14.6% after the oil and natural gas producer late Monday said it has authorized a $1 billion stock buyback program starting in Q2 and continuing through 2020. It also approved a $0.05 per share quarterly dividend to be paid Nov. 21 to shareholders of record on Nov. 7.
In other sector news:
(+) Precision Drilling Corp (PDS) was 3% higher after the oilfield-services company said it has repaid around $125 million in debt since Jan. 1, reaching the mid-point of its revised debt reduction program. Precision earlier this year raised its debt repayment target for 2019 at $100 million to $150 million.
(-) Kosmos Energy (KOS) tumbled 3.6% on Tuesday. The oil and gas company announced an oil discovery at the Gladden Deep sub-sea tie back in the Gulf of Mexico expected to be in-line with the pre-drill estimate of 7 million gross barrels of oil equivalent. Kosmos has a 20% working interest in Gladden Deep.