Energy Sector Update for 09/01/2017: ZKIN,NAO,NAT,STNG

Top Energy Stocks

XOM +0.31%

CVX +1.14%

COP +1.40%

SLB +0.70%

OXY +0.09%

Energy stocks continued to extend their prior gains on Friday, with the NYSE Energy Sector Index rising more than 0.9% while shares of energy companies in the S&P 500 were up almost 1.2% as a group.

In company news, natural gas and water pipeline manufacturer ZK International Group ( ZKIN ) soared in its Friday debut, rising as much as nearly 74% to a first-day high of $8.68 a share after earlier pricing its initial public offering of almost 1.1 million shares of its common stock at $5 each.

The stock opened today with a 52% bulge over the IPO price at $7.61 a share about an hour into Friday’s trading session. It climbed to its apparent high for today by 1 p.m. ET and has stayed within 20 cents or so of that peak in the hours since.

In other sector news,

(+) NAO, Bjorn Giaever named chief financial officer at both Nordic American Offshore and Nordic American Tankers ( NAT ). Also, executive chairman Herbjom Hansson and his son Alexander today buy 500,000 NAO shares for $1.34 each, boosting their total stake to 11.6%.

(-) STNG, Completes $225 mln acquisition of Navig8 Product Tankers, with Navig8 shareholders spliting 55 million shares and gaining a 19.7% stake in the combined petroleum-shipping company.


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