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Energy Sector Update for 01/19/2018: SLB,GMLP,NOV,NNA


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Top Energy Stocks

XOM -0.85%

CVX -0.61%

COP -0.38%

SLB -0.69%

OXY -0.05%

Energy stocks were dropping, with the NYSE Energy Sector Index falling 0.6% while shares of energy companies in the S&P 500 slumped 0.6% as a group. Crude oil for February delivery was falling 66 cents to $63.29 per barrel in New York while the benchmark Brent crude March contract was down 73 cents to $68.58 per barrel. February natural gas futures were a penny higher at $3.20 per 1 million BTU. Among energy-related ETFs, United States Oil was down 0.7% while United States Natural Gas also was down 0.7%. The Philadephia oil-service sector index was off nearly 0.4%.

In industry news:

Traders will be looking for Baker Hughes' ( BHGE ) weekly rig count due out at 1 p.m. ET.

Analyst actions:

Navios Maritime Acquisition ( NNA ), downgrade to Neutral from Overweight at JP Morgan.

Among energy stocks moving on news today:

- Schlumberger ( SLB ) fell Friday, dropping nearly 3% to a session low of $76.37 a share although the oilfield services giant reported a $0.48 per share Q4 profit, improving on $0.27 per share during the same quarter last year and beating the Capital IQ consensus by $0.03 per share. Revenue grew 15% over year-ago levels to $8.18 bln, also topping the $8.12 bln Street view. The company also said its FY18 capital spending will likely total around $2 bln, excluding multiclient and SPM investments, which is little changed from FY16 and FY17 levels.

In other sector news:

+ Golar LNG Partners ( GMLP ) was edging higher after signing a 15-year contract for a floating storage and regasification unit in the Atlantic Basin beginning during the final three months of 2018. The vessel is projected to generate between $18 mln to $22 mln in operating income each year before depreciation and amortization although the charter rate will vary based on demand for regasification throughput.

- National Oilwell Varco ( NOV ) declined after the oilfield-services company said it will take a $120 mln to $140 mln pre-tax Q4 restructuring charge to account for the combination of its rig systems and rig-aftermarket reporting segments. The company said it also expects its Q4 results will match or possibly exceed prior forecasts, excluding the charge.

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: BHGE , NNA , SLB , GMLP , NOV


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