Why Oil and Gas Stocks Were Rallying Today
Oil- and gas-related stocks such as Devon Energy (NYSE: DVN), Tellurian (NYSEMKT: TELL), and Transocean (NYSE: RIG) rallied today, up 4.8%, 7%, and 5.8%, respectively, as of 12:41 p.m. ET.
Devon is an oil and gas driller in U.S. shale basins, Tellurian is a natural-gas-focused company that's building an expensive liquefied natural gas (LNG) plant and also owns some upstream assets, and Transocean supplies drilling rigs to deepwater oil and gas drillers. However, each is levered to the prices of oil and gas, which were both on the rise Thursday after weeks of declines.
In addition, Tellurian reported the closing of an acquisition it announced last month, which won some plaudits from the analyst community.
Source Fool.com
