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Energy Sector Update for 08/13/2020: TNK

Energy stocks were falling pre-bell Thursday with the Energy Select Sector SPDR (XLE) recently trading 0.5% lower. The United States Oil Fund (USO) was 0.1% lower and the United States Natural Gas Fund (UNG) was up 0.3%. West Texas Intermediate crude oil was down $0.07 at $42.60 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.10 to $45.22 per barrel and natural gas futures were 0.3 cent lower at $2.15 per 1 million British Thermal Units.

Teekay Tankers (TNK) was 3% lower as it reported Q2 adjusted earnings per share of $2.39, compared to an adjusted loss per share in the prior-year period of $0.36. The consensus estimate of analysts polled by Capital IQ was for adjusted earnings per share of $2.58 per share.

Teekay LNG Partners (TGP) was off 0.5% in value as it posted Q2 adjusted earnings of $0.67 per unit, up from adjusted earnings of $0.35 per unit a year earlier. Two analysts polled by Capital IQ expected $0.67 per unit.

Royal Dutch Shell (RDSA, RDSB) is looking to acquire a 50% stake in Nayara Energy’s planned petrochemical project in India, Reuters reported, citing a source familiar with the matter. Shell was declining by more than 1% in recent trading.

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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