Mon - Fri 10:00-18:00
Johannesburg, Fourways

Energy Sector Update for 05/21/2020: TNK, TK, TGP, XLE, USO, UNG

Energy firms were advancing modestly pre-bell Thursday, with the Energy Select Sector SPDR (XLE) was up 0.36%. The United States Oil Fund (USO) was more than 4% higher while the United States Natural Gas Fund (UNG) was down more than 2%. West Texas Intermediate crude oil was up $0.96 at $34.45 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $1.09 to $36.84 per barrel and natural gas futures were 5 cents lower at $1.72 per 1 million BTU.

Teekay Tankers (TNK) was advancing by more than 4% as it reported Q1 adjusted earnings of $3.27 per share, up significantly $0.44 per share for the comparable period last year. Analysts polled by Capital IQ had expected adjusted earnings of $2.91 per share.

Teekay (TK) was up more than 1% after reporting Q1 adjusted net income of $0.25 per share, compared with a loss of $0.13 for the same period last year.

Teekay LNG Partners (TGP) was 0.9% higher after it posted Q1 2020 adjusted earnings per common unit of $0.58, higher than $0.34 per common unit in Q1 2019. Analysts polled by Capital IQ had expected adjusted earnings of $0.66 per share for the most recent quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Leave a Reply

Select your currency
ZAR South African rand