Energy Sector Update for 03/16/2017: SND,PACD,PBR,BCEI


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Energy stocks were ending mostly lower today, with the NYSE Energy Sector Index falling about 0.2% while shares of energy companies in the S&P 500 were down 0.7% as a group. Crude oil for April delivery settled 11 cents lower at $48.75 per barrel while April natural gas futures fell 8 cents today to finish at $2.90 per 1 million BTU.

In company news, gains for Smart Sand ( SND ) were piling up Thursday after the provider of Northern White raw frac sand today reported better-than-expected Q4 net income along with hefty increases in sales volume for the final three months of 2016 compared with the preceding quarter and year-ago levels.

The company today reported Q4 net income of $0.40 per share, reversing a $0.01 per share net loss during the same quarter last year and beating the Capital IQ consensus by $0.02 per share.

Smart Sand also said it sold about 274,000 tons of frac sand during the recently concluded quarter, up from 229,700 tons during Q3 and 107,200 tons during the same quarter in 2015 - representing a gain of 19% and 156%, respectively. Revenue didn't quite keep pace however, rising 94.1% year-over-year to $29.5 million, lagging the Street view by around $300,000.

SND shares were up over 6% at $14.50 each in late trade, previously rising to a session high of $15.31 a share.

In other sector news,

(+) PACD, After turning down a PACD proposal that would leave shareholders with a 33% stake in a reorganized company, creditors propose converting all PACD debt into a 98% equity stake but also providing existing shareholders with warrants that could give them another 20% of the firm.

(-) BCEI, Adjusted Q4 net loss widens to $0.57 per share from a $0.17 per share loss during the year-ago period. Net revenue declines 17.1% from the same quarter last year to $47.3 mln. Analyst estimates were not available.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: SND , PACD , PBR , BCEI


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