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The 3 Biggest Energy Movers and Shakers This Week

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Seventy Seven Energy Inc, Golar LNG Limited (USA), and Crestwood Equity Partners LP were the three biggest energy movers and shakers this week.

Publicada em: Economia e finanças
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The 3 Biggest Energy Movers and Shakers This Week

  1. 1. The 3 Biggest Energy Movers and Shakers This Week
  2. 2. Thanks to first-quarter earnings reports, several energy stocks were quite volatile this week as a number moved by double digits. However, the big movers were spread between pops and drops. Here’s a closer look at the three energy stocks that made some of the biggest moves this week. Photo credit: TaxCredits.net
  3. 3. What: One of the worst energy stocks was energy midstream company Crestwood Equity Partners (NYSE: CEQP), which plunged more than 16% this week.
  4. 4. So What:  Key driver: Crestwood Equity Partners announced on Wednesday that it was merging with Crestwood Midstream Partners (NYSE: CMLP) to simplify its corporate structure
  5. 5. Now What:  Investors did not like the fact that it offered a 17% premium to consolidate its interests in Crestwood Midstream  Key takeaway: Investors were hoping that Crestwood would sell itself instead of consolidate
  6. 6. What: Popping higher was shares of oilfield service company Seventy Seven Energy (NYSE: SSE), which jumped 15% this week.
  7. 7. So What:  Key driver: Seventy Seven Energy reported first- quarter results on Tuesday  Revenue: $429.8 million (down 6% year-over- year)  EPS: -$0.45
  8. 8. Now What:  First-quarter results weren’t quite as bad as investors had feared  Company also boosted its liquidity and sees a bottom in drilling activity  Key takeaway: Investors cheered as the worst appears to be over
  9. 9. What: This biggest mover was Golar LNG Limited (NASDAQ: GLNG) as shares jumped 27.5% this week.
  10. 10. So What:  Key driver: Golar signed a deal for its second GoFLNG vessel  Company was awarded a 20-year tolling contract for its GoFLNG Gimi vessel to develop a project in Equatorial Guinea  Commercial operations expected to begin in the first half of 2019
  11. 11. Now What:  Contract award further validates its GoFLNG technology  Golar is now exploring the potential of having a third GoFLNG vessel built  Key takeaway: While the deal validates the company’s long- term plans, it’s still several years away from generating meaningful cash flow from these projects
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