The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1201 ET - Now that Tidewater Midstream and Infrastructure's restructuring has taken hold, National Bank of Canada analyst Patrick Kenny thinks the company is poised to move into a growing phase. "Management's attention is shifting towards offence," Kenny says, pointing to the sanctioning of its $1.2 billion Sustainable Aviation Fuel project, growing field gas throughput at Brazeau River Complex, and restarting Ram River in 2H. He figures that these together represent about C$30 a share of "unrisked valuation upside," which would more than double current valuations. National Bank upgrades the stock to outperform from sector perform with a C$25 price target, up from C$17 previously. Shares are up 6.7% to C$20.82, and are up nearly fourfold this year. (adriano.marchese@wsj.com)
0912 ET - Crude futures are higher as the U.S. continues its strikes on Iranian targets and Iran attacks U.S. bases and other sites around the Gulf. Adding to supply concerns are Houthi threats against Saudi shipping in the Red Sea and Ukraine's attacks on Russian energy infrastructure. Price advances with the latest escalation have been contained by expectations there could be a return to talks at any time. "Like everyone else I am gunshy on being overly bullish considering the headline risks that can be generated at any moment that will send oil down $5 when the market is clearly long," Scott Shelton of TP ICAP says in a note. WTI for August delivery is up 1.9% at $84.79 ahead of today's expiry and Brent is up 1.7% at $90.76.(anthony.harrup@wsj.com)
0421 ET - Var Energi's BlueNord acquisition supports long-term production, with the deal expected to add around 45,000 barrels of oil-equivalent a day in net production from the Danish Continental Shelf, J.P. Morgan analysts Alejandra Magana and Riddhi Agarwal write. Accumulated post-tax synergies are guided at $250 million-$300 million between 2027 and 2032, driven by financing costs and lower overhead costs. On the back of the acquisition, Var raised its long-term production target to around 450,000 barrels a day from over 400,000 barrels a day and raised its second-quarter dividend and third-quarter dividend guidance to $350 million, an increase of 17%. "We expect 2026 and longer term dividend forecasts to rise and 2027+ production estimates to increase." Var Energi shares rise 5.3% while BlueNord shares climb 6.3%.(dominic.chopping@wsj.com)
0347 ET - Var Energi's deal to buy BlueNord makes industrial and financial sense, SB1 Markets analyst Teodor Sveen-Nilsen writes. For Var Energi, the acquisition is at a favorable valuation, the analyst says. Taking into account estimated synergies of $250 million-$300 million by 2032, SB1 Markets expects that the target price on the stock could increase by 4%-5%. For BlueNord shareholders, the deal lowers the risk surrounding an expected dividend decline from 2027. "We also want to highlight that the companies' cash flow profiles complement each other well." The bank reiterates its neutral rating on Var Energi and a target price of 43 Norwegian kroner for the time being. Var Energi shares rise 4.7% to 45.66 kroner, while BlueNord shares rise 5.5% to 503 kroner. (dominic.chopping@wsj.com)
0338 ET - Var Energi investors are likely to view the company's deal to buy BlueNord positively, which combined with an outlined dividend increase, will dominate sentiment this morning, RBC Capital Markets analyst Victoria McCulloch writes. Var Energi has announced a combination with BlueNord to create the largest independent oil and gas producer in Europe, with a long-term production target of around 450,000 barrels of oil equivalent, up from over 400,000 barrels as a standalone company, McCulloch says. The transaction will add Danish Continental Shelf assets with stable production and limited near-term investment. Completion is expected around year-end, with BlueNord shareholders receiving 248.4 million new Var shares and 1.96 billion kroner in cash. Var Energi shares rise 5.8% while BlueNord shares rise 6.5%. (dominic.chopping@wsj.com)
0320 ET - Ratch Group stands to benefit from some catalysts, CGS International's Rasmiman Sermprasert says in a research report. These include an assumed power-purchase-agreement extension for the Thai company's Ratchaburi power plant beyond 2027 and full consolidation of the Hin Kong power plant from 4Q 2025, the analyst says. Also, Thailand's Power Development Plan is expected to be a key medium-term catalyst for the independent power producer, thanks to rising power demand from electric vehicles and data centers. The brokerage lifts its net-profit forecasts for Ratch Group by 22% for 2026, 37% for 2027, and 24% for 2028. It raises the stock's rating to add from hold and the target price to 45.00 baht from 29.00 baht. Shares are 1.3% higher at 38.50 baht. (ronnie.harui@wsj.com)
1746 ET - The agreed acquisition of WildFire Energy by publicly traded operator Magnolia Oil & Gas targeted "one of only a handful of remaining private equity-sponsored [producers] in any of the main [U.S.] shale plays that could boast hundreds of remaining drilling locations" that haven't been developed, says Andrew Dittmar, a principal analyst at Enverus, an energy-focused data analytics company. "The purchase boosts Magnolia's remaining location count by about 70%" in certain areas of South Texas' Eagle Ford Shale region, he says in a note. The deal shows that a strategy followed by WildFire's private-equity backers-Warburg Pincus and Kayne Anderson-of expanding the company through "a series of deals that significantly consolidated acreage...not owned by Magnolia while instituting operational improvements" paid out. (luis.garcia@wsj.com; @lhvgarcia)
1511 ET - Crude futures settle higher in choppy trade as U.S.-Iran fighting escalates while mediators seek a 10-day ceasefire and return to talks. Oil's decline from overnight highs reflects diplomatic optimism rather than any meaningful improvement in the physical supply picture with the Strait of Hormuz almost at a standstill and Houthis threatening Saudi shipments via the Red Sea, Rystad Energy says in a note. "If a ceasefire does not materialize and Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial,"says Jorge Leon, the firm's head of geopolitical analysis. WTI settles up 0.9% at $83.23 a barrel and Brent rises 1.3% to $89.22 a barrel. (anthony.harrup@wsj.com)
1339 ET - Oil futures are fluctuating between gains and losses after U.S.-Iran mediators propose a 10-day ceasefire and seek a return to negotiations following a weekend of military escalation that sent prices up overnight. "I think markets really want to get past this, so any piece of good news they're going to take it and run with it," says Tracy Shuchart of NinjaTrader Group. But "I think people are mispricing the risk here," she adds. The Houthis' declaration of a naval blockade against Saudi Arabia threatens the exit for Saudi oil through the Red Sea via the Bab el-Mandeb strait. "If you have the Strait of Hormuz closed, and you have the Red Sea effectively closed, we have a big problem," Shuchart says. WTI is up 0.3% at $82.70 a barrel and Brent gains 0.5% to $88.58. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
July 21, 2026 12:20 ET (16:20 GMT)
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