Top Energy Stocks
Energy stocks trimmed some of their earlier declines, with the NYSE Energy Sector Index falling just over 1.2% while shares of energy companies in the S&P 500 also were down slightly more than 1.2% as a group. West Texas Intermediate crude oil for April delivery settled 20 cents lower at$56.96 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude April contract declined 14 cents to $66.94 per barrel. March natural gas futures rose 6 cents to $2.70 per 1 million BTU. Among energy-related ETFs, the United States Oil fund fell about 0.5% while the United States Natural Gas fund climbed 1.7%. The Philadelphia Oil Service Sector index was down over 2.6% in late trade.
Among energy stocks moving on news:
(-) Diamondback Energy ( FANG ) was down almost 5% shortly before the closing bell. Morgan Stanley earlier Thursday raised its price target for the oil and natural gas producer by $7 to $154 a share while keeping its Overweight rating for the company's stock.
In other sector news:
(-) Targa Resources Corp ( TRGP ) slumped nearly 7% after the natural gas shipping and storage company Wednesday reported about $2.6 billion in Q4 revenue, down from $2.7 billion in the same quarter in 2017 and missing the Street view expecting just under $2.8 billion in revenue during the three months ended Dec. 31.
(-) TechnipFMC plc ( FTI ) dropped 8% on Thursday after the marine oilfield-services company reported a non-GAAP Q4 net loss of $0.09 per share, reversing a $0.20 per share adjusted profit during the year-ago period and missing the Street view expecting non-GAAP earnings of $0.36 per share for the three months ended Dec. 31.
(-) SM Energy ( SM ) tumbled 14% after late Wednesday reporting a Q4 net loss of $0.18 per share, compared to a loss of $0.08 per share in the same quarter a year ago. Capital IQ analysts had expected a $0.16 per share net loss for the crude oil and natural gas producer.