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Energy Summary for Aug. 7, 2019

2019-08-07 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $2.54 to $51.09 on the New York Merc, while Brent for October lost $2.71 to $56.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.55 to WTI, down from a discount of $12.46. Natural gas for September lost three cents to $2.08. The TSX energy index lost a fraction to close at 124.28.

Vermilion Energy Inc. (VET) reached an intraday low of $19.77, its first time below $20 since 2005, before settling unchanged from yesterday at $20.69, on 3.43 million shares. Barely a week of August has gone by and the stock has lost a full $3. The drop has come in spite of Vermilion's best efforts to impress investors with its second quarter financials and unwavering dividend commitment. The financials arrived on July 29, showing quarterly production of 103,000 barrels of oil equivalent a day (matching analysts' predictions) and cash flow of $1.44 a share (slightly behind analysts' predictions of $1.52 a share). Vermilion also reaffirmed its 2019 guidance, including its 23-cent monthly dividend, with its sky-high yield of 13.3 per cent. In fact, said Vermilion, cash flow is so strong that the company will even launch a share buyback program. The details of that program were firmed up today; Vermilion plans to buy back up to 7.75 million of its 155 million shares. It used today's announcement to once again remind investors that it has been paying a dividend steadily since 2003.

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