Energy Sector Update for 01/26/2017: GLF, CRR, HP

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Top Energy Stocks

XOM +0.01%

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COP -0.44%

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OXY +0.32%

Energy stocks were narrowly mixed Thursday afternoon, with the NYSE Energy Sector Index declining about 0.3% while shares of energy companies in the S&P 500 were up less than 0.1% as a group. Crude oil for February delivery was up $1.09 at $53.84 per barrel while February natural gas futures were 13 cents higher at $3.47 per 1 million BTU.

In company news, Gulfmark Offshore ( GLF ) surged Thursday after the oilfield-services company last night said it secured two new long-term contracts for its M/V Highland Prince and M/V Highland Defender offshore drill-rigs.

The first contract has an initial two-year run plus options contract for the Highland Prince by ASCO Marine Ltd. for its operations on the U.K. continental shelf. The second deal runs through 2021 plus option years for an unnamed UK operator and will support drilling operations in the central North Sea.

GLF shares were up over 33% at $1.93 apiece, two cents shy of the intraday high of $1.95 a share.

In other sector news,

(+) CRR, (+33.9%) Excluding $0.31 per share in after-tax costs, Q4 net loss of $0.26 per share beats Street view by $0.47 per share. Revenue falls 48.8% to $29.1 mln, missing $23.95 mln consensus. Still exploring "certain asset monetization opportunities" to strengthen balance sheet.

(-) HP, (-6.0%) Fiscal Q1 net loss of $0.33 per share is $0.04 narrower than analyst consensus. Revenue falls 24.4% from last year to $368.6 mln, topping $332.3 mln Street view. Increases expected FY17 capital costs by 75% to $350 mln.

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: CRR , HP

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