Why Ecopetrol, Borr Drilling, and Gran Tierra Surged Higher Today
Shares of Ecopetrol S.A. (NYSE: EC), Borr Drilling Limited (NYSE: BORR), and Gran Tierra Energy (NYSE: GTE) were surging higher Tuesday, up 14.4%, 9%, and 8.6%, respectively, as of 1 p.m. ET.
Colombia-based Ecopetrol is a large-cap diversified oil and natural gas producer. It also owns pipelines and refining capacity. Gran Tierra is a small-cap company headquartered in Canada, but it also explores for oil and gas in Colombia and Ecuador. Meanwhile, Borr Drilling provides shallow-water offshore rigs to other exploration companies.
What all three of these stocks have in common is that they benefit from higher oil and natural gas prices. On Tuesday, two big geopolitical events occurred that were bullish for oil stocks broadly. In addition, Borr Drilling released its first quarter earnings report.
Source Fool.com
