OPEC move results in jump in Oklahoma energy stocks

  • December 6, 2020

 

Friday’s decision by OPEC and allied oil producers to boost output by 500,000 barrels a day in the coming month resulted in a rise in oil-related stocks, including many in Oklahoma.

Investors apparently believe the increased production will come as demand grows for oil and gasoline and the public will resume travel.

As a result, West Texas Intermediate crude rose 1.36% as prices jumped 62 cents to settle at $46.26 a barrel on January delivery. Global benchmark Brent Crude climbed 54 cents to reach $49.25 per barrel for a gain of 1.11%.

Natural gas was up too, climbing 7 cents before finishing the day at $2.58 per MMBtu for a change of nearly 3%.

A handful of Oklahoma energy firms saw stocks with double-digit percent gains with the largest being Laredo Petroleum where shares soared $3.38 for a gain of 27.21% and settled at $15.80.

Continental Resources, Inc. saw its shares with a nearly 18% gain after they jumped $2.81 each before finishing the day at $18.86.

 

Ovintiv Inc. shares gained nearly 13% after increasing $1.69 to reach $15.16 each. WPX Energy, ahead of its merger with Devon Energy finished with a 10% gain following an 80 cent increase and closed at $8.62.
Alliance Resource Partners, L.P. closed up 16 cents for a gain of more than 3% and finished the day at $4.78. Blueknight Energy Partners LP  had a 4 cent increase and a gain of more than 2% and wrapped up the day at $1.79. Chesapeake Energy Corporation closed with a 3 cent increase amounting to a 1.32% gain to $2.39.

 

Cypress Environmental Partners LP slipped 4 cents or nearly 2% to $2.35. Devon Energy Corp added $1.41 for a more than 9% gain to $16.72. Enable Midstream Partners LP had a more than 5% gain on a 30 cent increase as shares settled at $6.08.

 

Gulfport Energy Corporation had a nearly 4% drop to 10 cents a share. Helmerich & Payne, Inc. added 82 cents a share for a gain of 3.40% to finish the day at $24.92. LSB Industries, Inc. rose 14 cents a share for a gain of just under 5% and closed at $3.02.
 Magellan Midstream Partners, L.P. closed up $1.23 for a nearly 3% gain to $44.71. Mammoth Energy Services Inc finished down one cent at $2.28. Matrix Service Co settled up about 4% as shares jumped 36 cents to reach $9.65.

 

NGL Energy Partners LP wrapped up the day with a two cent increase at $2.58 or a gain of just under 1%. OGE Energy Corp. rose 26 cents to hit $32.88—not quite a 1% gain. ONE Gas Inc had a 2% gain on an increase of $1.56 to reach $79.66 per share.

 

ONEOK, Inc. shares jumped $2.14 for a 5.56% gain to $40.63. PHX Minerals Inc shares had a nearly 1% gain after they rose two cents to reach $2.22. SandRidge Energy Inc. closed up 19 cents a share for a 7% gain to $2.94.

 

 

Williams Companies Inc closed up 93 cents at $22.49 for a gain of more than 4%.

The Texas Energy Report showed other firms also had significant increases.

Chevron (CVX) up 3.48 at 93.28 – change 3.87%

Concho Resources (CXO) up 4.42 at 64.44 – change 7.36%

ConocoPhillips (COP) up 3.07 at 44.27 – change 7.45%

Diamondback Energy (FANG) up 5.31 at 47.22 – change 12.67%

Energy Transfer LP (ET) up 0.38 at 6.93 – change 5.80%

Enterprise Products Partners (EPD) up 0.64 at 20.76 – change 3.18%

EOG Resources (EOG) up 4.83 at 53.00 – change 10.02%

ExxonMobil (XOM) up 1.47 at 41.68 – change 3.65%

Kinder Morgan (KMI) up 0.44 at 14.93 – change 3.03%

Marathon Oil Corp. (MRO) up 0.66 at 6.85 – change 10.66%

National Oilwell Varco (NOV) up 1.12 at 14.55 – change 8.33%

Occidental Petroleum (OXY) up 2.20 at 18.59 – change 13.42%

Parsley Energy (PE) up 1.12 at 14.27 – change 8.59%

Phillips 66 (PSX) up 4.30 at 69.31 – change 6.61%

Pioneer Natural Resources (PXD) up 8.71 at 114.06 – change 8.26%

Valero (VLO) up 3.36 at 61.27 – change 5.80%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 1.35 at 83.39 – change 1.60%

CenterPoint (CNP) up 0.07 at 22.86 – change 0.30%

Entergy (ETR) up 0.09 at 106.73 – change 0.08%

Jerry Bohnen