Energy Sector Update for 03/27/2019: PFIN,VEDL,OIS,ET,PSXP

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Energy stocks retreated Wednesday, with the NYSE Energy Sector Index falling just over 0.8% while shares of energy companies in the S&P 500 were down more than 0.6% as a group. West Texas Intermediate crude oil for May delivery settled 53 cents lower at $59.41 per barrel in New York while the global benchmark Brent crude May contract declined 21 cents to $67.76 per barrel. April natural gas futures fell 3 cents to $2.71 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling over 1.0% while the United States Natural Gas fund was dropping nearly 1.0%. The Philadelphia Oil Service Sector index was down more than 0.8%.

In industry news:

US crude oil inventories grew by 2.8 million barrels during the seven days ended March 22, the Energy Information Administration reported Wednesday, reversing expectations in a S&P Global Platts industry survey looking for a 2.5-million-barrel decline last week.

Among energy stocks moving on news:

(-) P&F Industries ( PFIN ) turned lower Wednesday afternoon, giving back a nearly 3% advance. The maker of pneumatic tools used by energy companies and other industries swung to a FY18 profit, earning $0.23 per share during the 12 months ended Dec. 31 compared with a $0.25 per share net loss during FY17. Revenue increased 10.1% over the prior year period, climbing to $65.0 million last year from $59.0 million during the previous reporting period. Analyst estimates were not available.

In other sector news:

(+) Oil States International ( OIS ) was surging this afternoon, rising more than 5% after Raymond James Wednesday raised its stock rating for the oilfield services and products company to strong buy from outperform.

(-) Vedanta ( VEDL ) was narrowly lower Wednesday, reversing a slim advance earlier in the session. The Indian natural resources conglomerate said it has found multiple reservoir zones with its H2 exploratory well in the Krishna-Godavari offshore basin on the country's Indian Ocean coast. Further appraisal is needed to determine the size and potential commercial prospects of the new discovery, Vedanta said.

(-) Energy Transfer ( ET ) was 1% lower in recent trading after the energy logistics company and Phillips 66 Partners ( PSXP ) said their 163-mile Bayou Bridge Pipeline is complete and is expected to begin crude oil shipments in April.

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: PFIN , OIS , VEDL , ET , PSXP

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