Oil prices were up once again on Tuesday, WTI hit $83.96 and the Brent benchmark hit $84.57. With oil prices reaching record highs here are a few oil & gas companies in the news worth monitoring.
Southern ITS International, Inc. (OTCMKTS:SITS) Enters Oil & Gas Industry with New Subsidiary
SITS, a holding company with interests in CBD, Gold Mining, and Water Conservation; announced the launch of their first wholly-owned subsidiary Tuesday after close, Pure Oil & Gas, Inc.
SITS President James Shipley, said, “The global transition, which the energy world is experiencing, is moving fast, adding new components to the energy puzzle, and reducing others. The growing demands and need for oil and gas exploration and production is growing here in the United States, as well as around the world. Also, new innovative, green, cost-effective, energy saving technologies are in more demand now than ever before.” Mr. Shipley went on to say, “We intend to use our new platform to acquire and or joint venture oil and gas exploration. We also plan to position our platform to expand and multiply corporate growth by acquiring and forming joint ventures with select, innovative companies that have unique, new technologies involving conservation of water, gas, and power, new batteries with longer life spans, renewables, and emissions.”
Verde Bio Holdings, Inc. (OTCMKTS:VBHI) Shares Oil Industry Predictions
VBHI, has revenue producing royalty interests in approximately 400 wells across the most active areas of the United States.
In their latest release, a few highlights include:
- A Goldman analyst predicts that global oil demand will soon surpass its pre-COVID level.
- Gasoline prices in the U.S. currently average $3.4 nationwide, already the highest gas prices since 2014. Analysts believe gasoline could top its all-time national average high of $4.1, set in 2008.
- Bank of America’s commodity analyst predicts a price of $120 per barrel of oil by June 2022.
Northern Oil and Gas (NYSE:NOG) Announces Pricing of Private Offering
NOG announced that it has priced a private placement (the “Offering”) under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers, of $200.0 million in aggregate principal amount of additional 8.125% senior notes due 2028 (the “Additional Notes”) at an offering price equal to 106.75% of par, plus accrued interest from September 1, 2021, representing a yield to worst of 6.31%. The Additional Notes will be issued under the same indenture as the notes issued by the Company on February 18, 2021 (the “Existing Notes”) and will form a part of the same series of notes as the Existing Notes. The Offering is expected to close on November 15, 2021, subject to the satisfaction of customary closing conditions.
Magnolia Oil & Gas (NYSE:MGY) Recieves Buy Rating
MGY has been assigned a consensus rating of “Buy” from the fourteen brokerages that are presently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $19.38.