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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery edged down eight cents to $41.74 on the New York Merc, while Brent for January lost 14 cents to $44.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.55 to WTI, down from a discount of $11.50. Natural gas for December lost 12 cents to $2.59. The TSX energy index lost a fraction to close at 81.38.
U.S. shale producer Ovintiv Inc. (OVV) added 21 cents to $16.24 on 1.27 million shares, amid a brewing battle with an activist investor. Recent regulatory filings show that the New York-based private equity firm Kimmeridge Energy Management has amassed about five million of Ovintiv's 259 million shares, or about a 1.9-per-cent interest -- and recent comments by Kimmeridge's managing partner, Mark Viviano, suggest that the firm is gearing up for a proxy fight. "We look at [Ovintiv] as the poster child of what's gone wrong from a governance perspective," Mr. Viviano told The Canadian Press. He was even blunter with Bloomberg, calling Ovintiv "one of the more egregious examples of misalignment in the sector, whether it's the excessive compensation relative to performance, the low insider ownership or the lack of any meaningful board refreshment."
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