Energy Sector Update for 04/03/2019: PHX,OPTT,BOOM,ENB,ENB.TO

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Top Energy Stocks

XOM -0.65%

CVX -1.0%

COP -1.7%

SLB -2.5%

OXY -1.1%

Energy stocks were lower late Wednesday, with the NYSE Energy Sector Index (^NYE) declining just over 0.6% while shares of energy companies in the S&P 500 ( XLE ) were losing 1.1% as a group. West Texas Intermediate crude oil for May delivery closed down 0.2% to $62.46 per barrel, reversing an earlier gain, at the New York Mercantile Exchange. Among energy-related ETFs, the United States Oil fund ( USO ) was falling nearly 0.4% while the United States Natural Gas fund ( UNG ) was dropping 0.55%. The Philadelphia Oil Service Sector index was down more than 0.9% (^OSX).

Among energy stocks moving on news:

(+) Panhandle Oil and Gas ( PHX ) was off 2.2% Wednesday. The company said Lonnie Lowry, as expected, officially retired March 31 as vice president for administration and corporate secretary for the exploration and production company. Chief financial officer Robb Winfield has added corporate secretary to his responsibilities at the firm while other employees will take on Lowry's administrative duties, the company said in a regulatory filing Wednesday.

In other sector news:

(+) Ocean Power Technologies ( OPTT ) rallied 66% Wednesday after the alternative energy company said it has signed a contract with a leading petroleum exploration and production company to complete a 12-week paid feasibility study examining the use of Ocean Power's wave-powered PowerBuoys and other products to assist with monitoring subsea wells in the Gulf of Mexico during decommissioning activities.

(+) DMC Global (BOOM) raced almost 16% higher on Wednesday after the oilfield-services company said it was expecting around $100 million in Q1 sales, up from its prior forecast range expecting between $82 million to $85 million. Analysts, on average, are looking for $82.5 million in Q1 sales.

(+) Enbridge's (ENB) was narrowly higher Wednesday after Argus Media reported the pipeline company's Texas Eastern Appalachian Lease natural gas pipeline expansion in Ohio has returned to full service, according to Argus Media.

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: XLE , USO , UNG , PHX , OPTT

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