Natural gas Jumps Over 4%, TransCanada Leads (TRP, UPL, SWN, TRGL, EQT)
Shares of natural gas producers are outperforming on Tuesday led by TransCanada Corporation (USA) (NYSE:TRP) as the company posted in line fourth-quarter earnings. Moreover, prices of natural gas rose over 4% to $2.54 per million British thermal units. United States Natural Gas Fund, LP (NYSEARCA:UNG) climbed 4.34% to $5.41, near to session high. Natural gas has been the notable laggard over the past one year and analysts are seeing further weakness due to oversupply and falling demand.
TransCanada Corporation (USA) (NYSE:TRP) shares rose 1.60% to $42.22 after the company said that it earned 53 Canadian cents a share, in line with analysts’ estimates. The company also increased its quarterly dividend by 5%. Separately, the company added that it would carry on with its Keystone XL oil pipeline project. The company is targeting C$12 billion of new projects to come into service between now and early 2015. The company maintained its plans to reapply to the U.S. for its Keystone KL pipeline.
Ultra Petroleum Corp. (NYSE:UPL) shares rose 3.80% to $24.69. The stock made a new 52-week low of earlier this week. The company is scheduled to report its earnings on Thursday before the market hours.
Southwestern Energy Company (NYSE:SWN) shares also climbed 1.16% to $34.00 and Toreador Resources Corporation (NASDAQ:TRGL) added 3.31% to $4.65.
EQT Corporation (NYSE:EQT) climbed 0.94% to $49.41 after the company iled to raise up to $250 million in an initial public offering. The Pittsburgh-based limited partnership plans to trade on the New York Stock Exchange under the symbol EQM.
