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Energy Sector Update for 02/11/2019: RRC,NGL,GPRE


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Energy stocks were higher this afternoon, with the NYSE Energy Sector Index rising nearly 0.3% while shares of energy companies in the S&P 500 were up 0.4% as a group. West Texas Intermediate crude oil for March delivery was slipping 57 cents to $52.15 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude April contract was declining 54 cents to $61.56 per barrel. March natural gas futures were 9 cents higher at $2.67 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was off almost 1.2% while the United States Natural Gas fund was rising 2.5%. The Philadelphia Oil Service Sector index was up 1%.

Among energy stocks moving on news:

(+) Range Resources ( RRC ) rose 7% during Monday trading after the saying its proved natural gas reserves increased by 18% at the end of 2018 compared with its year-ago proved reserves, rising 2.8 trillion cubic feet equivalent since Dec. 31, 2017, to 18.072 trillion cubic feet. The total year-end reserves consisted of 67% natural gas, 30% natural gas liquids and about 3% crude oil, the company said.

In other sector news:

(+) NGL Energy Partners ( NGL ) climbed 6% after the petroleum logistics company Monday saw its fiscal Q3 net income from continuing operations double from its year-ago period, rising to $0.64 per share and beating the Capital IQ consensus expecting an $0.11 per share quarterly profit, if comparable. Revenue grew 45.5% year over year to $6.4 million, also topping the $5.7 million analyst mean.

(-) Green Plains Inc. ( GPRE ) slid nearly 4% on Monday after the ethanol producer reported Q4 revenue trailing Wall Street expectations, generating $827.5 million in revenue during the three months ended Dec. 31. That was down from $921 million during the same quarter last year and lagged the Capital IQ consensus by $66.7 million.

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: RRC , NGL , GPRE



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