Energy Sector Update for 03/15/2019: TUSK, IMO, IMO.TO, VET, VET.TO, E

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XOM -0.12%

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Energy stocks were ending narrowly lower this afternoon, with the NYSE Energy Sector Index falling less than 0.1% while shares of energy companies in the S&P 500 also were down under 0.1% as a group. West Texas Intermediate crude oil for April delivery settled 9 cents lower at $58.52 per barrel in New York while the global benchmark Brent crude May contract declined 19 cents to $67.04 per barrel. April natural gas futures fell 6 cents to $2.80 per 1 million BTU. Among energy-related ETFs, the United States Oil fund slid nearly 0.2% while the United States Natural Gas fund dropped more than 1.5%. The Philadelphia Oil Service Sector index was down over 1.2%.

Among energy stocks moving on news:

(-) Mammoth Energy Services ( TUSK ) dropped almost 14% on Friday after reporting a 25% year-over-year decline in Q4 revenue to $278.2 million, trailing the $350.1 Capital IQ consensus.

In other sector news:

(+) Vermilion Energy ( VET ) was edging higher Friday after declaring a CND0.23 per share dividend for its common stock, unchanged from its most recent distribution and payable April 15 to shareholders of record on March 28.

(+) ENI ( E ) was slightly higher in late Friday trading after the Italian energy major said it was increasing its FY19 dividend to EUR0.86 per share and beginning a EUR400 million stock buyback program.

(-) Imperial Oil ( IMO ) was 1% lower after Friday saying it was delaying development of its $1.95 billion Aspen oil sands project by at least one year after the Alberta provincial government ordered oil sands producers to reduce production in a bid to curb a supply glut and boost product prices.

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: TUSK , VET , E , IMO

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