Should you watch these energy stocks as the market finishes in red?

Summary

• International Seaways Inc., a crude oil and petroleum transporter, saw a stock price increase of 1.45% intraday and by 60.88% on a yearly basis as at the end of trade Thursday.
• Scorpio Tankers Inc. ships refined petroleum products and saw a stock price increase of 0.92% intraday and 32.34% yearly as at the end of trade on Thursday.
• Scorpio Tankers Inc., a producer and exporter of thermal coal, saw a stock price growth of 0.89% intraday and by 25.30% yearly as at the close of trade on Thursday.

The S&P 500 energy sector index rose 1.11% on August 17, 2023. However, the main indexes showed a decline on the same day, with the S&P 500 falling by 0.77% and the Dow Jones Industrial Average declining by 0.84%.

The market has been affected by factors such as recessionary fears, anticipation of a rate hike and increasing bond yields. Alternatively, rising oil prices have kept the energy sector afloat, despite the dips visible in the overall market.

ALSO READ: Two retail sector stocks to watch ahead of US retail sales data

With that, let’s examine three U.S. energy sector stocks that have shown positive price momentum in the market over the past day and the past one year.

International Seaways Inc. (NYSE: INSW)

With a market cap over US$2.25 billion, International Seaways is a transporter of crude oil and petroleum products and operates vessels fleet.

For Q2 2023, International Seaways reported a net income of US$154 million, which represented an earning of US$3.11 per diluted share. This was more than double of the net income reported in Q2 2022 which was US$69 million or US$1.38 per diluted share.

INSW paid total dividend of US$1.62 in June 2023. Meanwhile, the adjusted EBITDA for Q2 2023 was US$292.2 million, as against US$188.2 million in Q2 2022. INSW has declared a combined dividend of US$1.42 per share, of which US$0.12 is the regular cash dividend, which is to be paid in September 2023. 

Powered By: TradingView

Based on Thursday’s closing price of US$46.08, INSW has a P/E ratio of 3.93x and a dividend yield of 1.04%. As at the close of trade on August 17, 2023, INSW stock rose by 1.45% intraday and by 60.88% on a yearly basis.

ALSO READ: Here are 3 penny stocks that reported annual growth in quarterly revenues

Scorpio Tankers Inc. (NYSE: STNG)

Scorpio Tankers ships refined petroleum products and is thus a distributor of gasoline, heating oil and fuel oil from refineries and has a market cap of over US$2.8 billion.

Scorpio Tankers reported a net income of US$132.4 million for the June 2023 quarter. This represented basic earnings per share of US$2.50 and diluted earnings per share of US$2.40. Meanwhile. STNG’s net income in Q2 2022 was US$191.1 million, with higher basic and diluted EPS of US$3.44 and US$3.06, respectively.

The company declared a cash dividend of US$0.25 per common share, to be paid on September 15, 2023.

Powered By: TradingView

Based on Thursday’s closing price of US$52, STNG has a P/E ratio of 3.60x and a dividend yield of 1.94%. As at the close of trade on August 17, 2023, the stock soared 0.92% intraday and 32.34% on a yearly basis.

CONSOL Energy Inc. (NYSE: CEIX)

CONSOL Energy produces and exports thermal coal. The company owns and operates longwall mining operations, and it also undertakes the task of distributing the produce to power generators.

For the June 2023 quarter, CONSOL Energy reported a net income of US$167.7 million and EPS of US$4.94. The company’s quarterly adjusted EBITDA was US$276 million, while its total revenue and other income were US$661 million.

Powered By: TradingView

Based on Thursday’s closing price of US$83.95, CEIX has a P/E ratio of 3.94x and a dividend yield of 3.87%. As at the close of trade on August 17, 2023, CEIX stock price grew by 0.89% intraday and by 25.30% yearly.