Top Energy Stocks
Energy stocks are broadly lower with the NYSE Energy Sector
Index sinking 1.2% while shares of energy companies in the S&P
500 are down over 1.6% as a group. Crude oil for December delivery
settled $1.44 lower at $96.86 per barrel while November natural gas
was 4 cents higher to $3.62 per 1 million BTU.
In company news, shares of refiner companies are higher today,
resisting downward pressure from a new research report forecasting
little to no earnings growth for the sector in upcoming
In a new note to clients, analysts at Simmons & Co. today
said Q3 earnings for refiners have been generally weak and could
show further declines in Q4 and into next year as domestic gasoline
supplies continue to expand due to falling demand market and few
refinery repairs are scheduled.
Despite the downbeat prospects, shares of Tesoro Corp (
) are up 1.3% in late trade while Marathon Petroleum Corp (
) is ahead 0.4% and Valero (
) is holding on to a 0.1% gain.
In other sector news,
(-) BP, (-0.5%) U.K. government said Wednesday it was taking
steps to allow BP to restart production at a North Sea natural-gas
field closed since 2010 because it is partly owned by an affiliate
of Iran's state-controlled oil company.
(-) NBR, (-4.9%) Reports Q3 adjusted EPS of $0.20, down from a
$0.42 per share profit in year-ago quarter but topping expectation
by a penny. Revenue declines 5.4% year over year to $1.55 bln trail
expectations by around $38 mln.
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