Top Energy Stocks
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.