Why Shares of Golar LNG, Enterprise Products Partners, SM Energy, Occidental, and Core Labs Rallied Today
Stocks throughout the energy sector rose on Tuesday. Shares of liquified natural gas (LNG) tanker company Golar LNG (NASDAQ: GLNG) gained as much as 10.5% today, while the stock of large and diversified exploration and production company Occidental Petroleum (NYSE: OXY) was up 13.5% at its highs. The tiny driller SM Energy (NYSE: SM) saw its shares peak at roughly 10%. Drilling services company Core Laboratories (NYSE: CLB) hit a high of nearly 9%, and U.S. midstream energy giant Enterprise Products Partners (NYSE: EPD) had a gain of nearly 5% at one point in early trading.
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By roughly 2 p.m. EST on Tuesday, all of these energy industry stocks were off of their highs. But each was still holding on to at least some portion of its gains. Golar was up 8.5%, Occidental 12%, SM Energy 8.5%, Core Labs 7%, and Enterprise 4%. The big story is the same across all of the companies, but there are important nuances to consider.
Source Fool.com
