03:29:00 EST Sun 15 Dec 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for July 23, 2019

2019-07-23 21:50 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 55 cents to $56.77 on the New York Merc, while Brent for September added 57 cents to $63.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI, unchanged. Natural gas for August lost one cent to $2.30. The TSX energy index added a fraction to close at 138.19.

South American oil producer Frontera Energy Corp. (FEC) lost 20 cents to $13.72 on 69,300 shares. It had no news today, but one of its major investors, the private equity firm Catalyst Capital, made a splash yesterday evening after offering to buy a roughly 8-per-cent chunk of the shares of Hudson's Bay Company at $10.11 a share. Catalyst prides itself on its finding what it perceives as distressed or undervalued opportunities. Frontera was one -- more on that in a moment -- and now Catalyst sees another in Hudson's Bay. It already bought a partial stake (under 10 per cent) last month. Its latest offer of $10.11 a share comes six weeks after some of Hudson's Bay's insiders, led by executive chairman Richard Baker, made a go-private proposal worth $9.45 a share, a nearly 50-per-cent premium to the preproposal share price of $6.37. The stock soon soared past $10 as investors began to hope for a better offer. Catalyst clearly shares these hopes, and says that the $9.45-a-share proposal "greatly undervalues" Hudson's Bay. It plans to vote against the proposal.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.