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Energy Summary for July 23, 2019

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

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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.

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