Home / Business / Energy sector movers, losers and news: crude prices improve, no production freeze necessary.
Image: Rafael Matsunaga via Flickr.

Energy sector movers, losers and news: crude prices improve, no production freeze necessary.

Last week major oil producers met in Doha, Qatar to discuss an oil production freeze. Again, no agreement could be reached and crude prices temporarily suffered. But, today WTI opened at $43.42 per barrel, 7.6 percent higher than last week when it closed Friday at $40.36 per barrel.

Market Movers

Shares of NGL Energy Partners LP (NYSE: NGL) gained 50 percent this week after opening at $12.33 per share this morning and is continuing to rise. Last week’s closing price was $8.22 per share. Yesterday the company announced in a press release that $200 million in Class A convertible preferred units, which by Oaktree Capital Management L.P will manage. Additionally, the company is able to report liquidity on its December 2015 balance sheet.

Southwestern Energy Company (NYSE:SWN) stock continues to improve. Last week shares traded for $10.49 at market close, but this week, they opened at $11.27 per share. This is another 7.4 percent value increase. Yesterday, April 21, Southwestern Energy announced its 2016 first quarter financial and operating results. A $32 million, or eight cents per share, loss to common stock was recorded. According to Zacks this is 12 cents less than the expected loss of 20 cents per share.

Jones Energy, Inc. (NYSE:JONE) opened this morning at $3.90 per share, just two cents more than last week,but the stock is up this morning to over $4.30 per share and is continuing to make gains. Some reasons for the gains include COO Eric Niccum’s decision to sell 23,219 shares of the company stock on Monday, and investor Goodman Financial Corp’s decision to boost its stake in JONE, as reported by the Vista Voice.

Pioneer Energy Services Corp. (NYSE:PES) is also seeing stock price gains of 13.8 percent this week. The share price opened at $2.89 this morning and is currently trading above $3.00 per share. Last Friday’s closing price was $2.54 per share.

Market Losers

SunEdison (NYSE: SUNE) filed for Chapter 11 bankruptcy in an attempt to restructure its balance sheet and company position. CEO Ahmad Chatila said, “Our decision to initiate a court-supervised restructuring was a difficult, but important step to address our immediate liquidity issues.” Not included in the filing are TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), yieldcos used by SunEdison to manage projects under contract.

Schlumberger Limited (NYSE:SLB) cut another 2,000 jobs in the first quarter: profits for the quarter declined by 40 cents per share. Today SLB opened at $77.72 per share. This opening price is still a small improvement from last week when it closed at $76.26 per share, but disappointing after the stocks traded around $80 per share yesterday and Wednesday.

 

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