Energy Concerns Gushing on Markets Wednesday

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Wednesday, February 19, 2020

Energy issues are coming out of their shell and into the sun Wednesday, climbing 1.4% in the last hour of trading on the S&P 500. 

One stock which captured investors’ imagination is Spring, Texas-based Southwestern Energy (NYSE:SWN) , an independent energy company engaged in natural gas, natural gas liquids and oil exploration, made headlines Wednesday by indicating it was coming out of its funk Wednesday. The company has enjoyed a surge in price of late, which some analysts suggested could push it to levels near $2.40 before too long. 

Its 52-week high of $4.91 was achieved in early April 2019, long before energy stocks fell into disfavor. 

Southwestern will next report results on Feb. 27 after the close. Analysts are looking for earnings of 11 cents per share on revenues of $740 million. Analyst coverage was recently initiated by SunTrust with a “hold” rating on Southwestern shares. 

SWN acquired 9.5 cents Wednesday afternoon, or 5.9%, to $1.71, on volume topping 13.2 million.

North of the border, Burnaby, British Columbia-based Greenlane Renewables Inc. (TSX-Venture:GRN) enthused to investors news it had closed a public offering of 23,000,000 units. 

Each unit was made up of one common share of the company and one-half of one common share purchase warrant. Each full Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.70 per share for a one-year period ending February of next year.

Whether the tidings bore relevance to GRN’s stock performance Wednesday, or whether general good vibes played a part, shares had a field day, gaining eight cents, or 11.1%, to 80 cents, on volume of nearly three million shares.

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