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Energy Sector Update for 03/29/2018: QES,GEVO,CLD


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Top Energy Stocks

XOM +0.47%

CVX +0.13%

COP flat

SLB flat

OXY flat

Energy stocks were steady to slightly higher in Thursday morning trading, as West Texas Intermediate crude oil for May delivery was slipping 13 cents to $64.25 per barrel in New York while the global benchmark Brent crude May contract was declining 36 cents to $69.17 per barrel. May gas futures were 3 cents higher at $2.73 per 1 million BTU.

In industry news:

The Energy Information Administration will report US natural gas inventories for the seven days ended March 23 at 10:30 am ET, with industry experts polled by S&P Global Platts Analytics expecting a 55 billion cubic foot reduction compared with a 86 billion cubic foot draw during prior-week period. Demand has been slowing in recent weeks as warmer spring weather begins to reach more parts of the country, with combined residential and commercial-industrial consumption now dropping 2 billion cubic feet per day, according to Platts, although storage levels already were more than 300 cubic feet under the five-year average with three more withdrawals likely yet this season. By April 6, natural gas stocks are projected to fall to 1.345 trillion cubic feet, or about 254 billion cubic feet below the five-year mean.

Among energy stocks moving on news:

- Quintana Energy Services ( QES ) was climbing in Thursday's pre-market trading , rising almost 3% after reporting it returned to a Q4 profit with revenue more than doubling year-ago levels. Net income for the oilfield-services company grew to $2.1 million during the three months ended Dec. 31 compared with a $35.9 million net loss during the last three months in 2016. Revenue jumped almost 125% over the year-ago period to $130.9 million. For 2017, Quintana generated a $0.05 per share net loss, improving on a $0.37 per share net loss in FY16 while revenue grew to $438 million from $210.4 million year over year. Analysts, on average, had been looking for the company to post a $0.07 per share net loss last year on $436.3 million in revenue. Quintana also said it converted $33.6 million of its outstanding debt from its recent initial public offering into common stock as well as terminating its existing revolving and term loan facilities and replacing them with a new $100 million senior secured asset-based revolving credit facility.

+ Gevo ( GEVO ) may see some upside in Thursday trading after the biofuels and renewable chemicals company narrowed its Q4 net loss as revenue improved over year-ago levels. Excluding one-time items, its net loss during the October-to-December reporting period was $0.26 per share, paring a $1.14 per share loss during the same quarter in 2016 and matching the lone analyst call. Revenue climbed to $6.7 million from $5.8 million last year, exceeding the single-analyst estimate by around $1.3 millon.

In other sector news

- Cloud Peak Energy ( CLD ) slid almost 4% during Wednesday's late session after analysts at JPMorgan reduced their investment call for the coal miner to Underweight from Neutral.

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: QES , GEVO , CLD


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