NEW YORK, NY, November 1, 2023 – PRISM MarketView, a leading provider of market insight and company news, today provides its PRISM Emerging Oil & Gas overview.
US equities finished mostly higher in Wednesday afternoon trading, near best levels. The S&P 500 Energy Index closed down (0.33%) versus the S&P 500 which was up +1.05%, the XLE declined by (0.23%) and the XOP was down (0.19%).
Today’s PRISM Oil & Gas Index update saw WTI crude ending down 0.7%, reversing earlier gains, and Natural Gas down (2.3%) today following a +6.7% rally yesterday. Notable industry gainers during trading on Wednesday were Gran Tierra Energy ($GTE), up +6.4% following positive earnings including production coming in higher than expected and the announcement of a 3.2M normal course issuer bid and automatic share purchase plan. Gulfport Energy ($GPOR) rose +5.1% on Q3 2023 results, and Noble Corp ($NE) was up +5.1% after announcing it had bought back $10M of shares in Q3 and raised its quarterly dividend by 33.3%.
Top performers in the PRISM Oil & Gas Index were Gran Tierra Energy ($GTE), up 7.19%, followed by Battalion Oil Corporation ($BATL), which rose 3.50%. Berry Corporation ($BRY) declined 8.62% on news of earnings misses. The current index value is $185.20 and performance is up by 85.20% since inception.
Trader’s Lens
Patriot Transportation Holding, Inc.
$PATI is up over 100% after news United Petroleum will take them over and take them private.
Today’s Top Headlines
Senator Schumer Urges FTC Probe of Exxon and Chevron Deals
- Senate Majority leader Chuck Schumer and other senators are urging the US Federal Trade Commission to look into whether Exxon Mobil Corp. and Chevron’s proposed acquisitions of Pioneer Natural Resources and Hess Corp. could violate antitrust laws.
Berry Corporation trades lower following Q3 2023 results
- The company reported Q3 2023 results that came in below expectations. Total production was roughly in line while oil production posted a slight miss. Reported a base plus variable dividend of $0.21/share, versus $0.27/share in Q2 2023.
- Berry said it is aggressively pursuing scale through accretive M&A, especially outside of California, in all cases to enhance its ability to generate sustainable free cash flow.
- Shares were down (9.5%) in pre-market trading to $7.55 and settled at $7.62 at the closing bell.
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SOURCE: PRISM MarketView
