Energy Sector Update for 02/21/2019: FANG,SM,TK,TRGP

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Top Energy Stocks

XOM -0.75%

CVX -0.95%

COP +0.01%

SLB -2.06%

OXY -1.68%

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.

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: FANG , TRGP , FTI , SM , TK

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