Streetbeat News

PXJ

Invesco Dynamic Oil & Gas Services ETF

https://www.invesco.com/us/financial-products/etfs/product-detail?ticker=PXJ

Industry

Asset Management

The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index was composed of common stocks of U.S. companies that assist in the production, processing and distribution of oil and gas. The fund is non-diversified.

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Halliburton's stock is falling due to a cyber attack that disrupted critical business applications. The company is assessing the breach's impact but expects no significant financial harm. However, risks like management distractions and regulatory scrutiny remain.

Portfolio Pulse from Nabaparna Bhattacharya

September 03, 2024 | 1:16 pm

Frontline Plc (NYSE:FRO) reported a significant increase in Q2 revenue, surpassing expectations, but experienced a decline in EPS. The company is optimizing its fleet by selling older assets and refinancing tankers. Despite a challenging market, Frontline declared a dividend and anticipates increased oil demand in the latter half of 2024.

Portfolio Pulse from Lekha Gupta

August 30, 2024 | 11:11 am

ChampionX Corp. (NASDAQ:CHX) shares rose after announcing an all-stock acquisition deal with Schlumberger Ltd. (NYSE:SLB), where ChampionX shareholders will receive 0.735 shares of Schlumberger for each ChampionX share, owning about 9% of Schlumberger post-deal. Schlumberger expects $400 million in annual pretax synergies within three years post-closure, aiming to close the transaction before 2024. Schlumberger plans to return $7 billion to shareholders over the next two years, with increased returns in 2024 and 2025. The deal aligns with Schlumberger's strategy to meet energy demand and accelerate decarbonization. Exposure to both companies can be gained through Invesco Oil & Gas Services ETF (NYSE:PXJ), VanEck Oil Services ETF (NYSE:OIH), and iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ). CHX shares are up 8.45%, while SLB shares are down 2.68%.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 5:56 pm

ChampionX Corporation (NASDAQ:CHX) announced its plan to acquire RMSpumptools Limited for approximately $110 million, aiming to strengthen its global presence in artificial lift solutions. The acquisition, expected to close by Q3 2024, is anticipated to generate around $65 million in revenues and $18 million in adjusted EBITDA for 2024. This move aligns with ChampionX's strategy for technology acquisitions and is funded by cash on hand, without affecting its 2024 capital return framework. CHX stock has seen over a 35% increase in the past year.

Portfolio Pulse from Nabaparna Bhattacharya

March 22, 2024 | 5:17 pm

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