Top Energy Stocks
Energy stocks were ending moderately lower, with the NYSE Energy Sector Index falling nearly 0.3% while shares of energy companies in the S&P 500 also were down more than 0.3% as a group. West Texas Intermediate crude oil for May delivery settled 24 cents higher at $64.00 per barrel in New York while the global benchmark Brent crude June contract increased 33 cents to $71.95 per barrel. May natural gas futures fell 3 cents to $2.49 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was climbing more than 0.3% higher while the United States Natural Gas fund was dropping over 0.8%. The Philadelphia Oil Service Sector index also was down over 0.9%.
Among energy stocks moving on news:
(-) TransCanada Corp ( TRP ) was little changed this afternoon, erasing almost all of a nearly 1% decline. The Canadian mid-stream company said it has begun taking binding commitments from producers looking to move oil from the hub in Cushing, Okla., to markets on the US Gulf Coast through its Marketlink pipeline. The open season is expected to run through 12 midnight MT on May 21.
(+) Eagle Materials Inc ( EXP ) rose over 7% after early Thursday saying it has begun a strategic review of its oil and gas proppants and heavy and light materials businesses, including separating those businesses and evaluating potential transactions along with other alternatives. It also said it is expecting to report adjusted Q4 net income in a range of $0.85 to $0.89 per share on between $283 million to $285 million in revenue. The Street is at $0.80 per share on $279 million in revenue.
(+) ConocoPhillips ( COP ) was fractionally higher on Thursday after the energy major said it was selling two of its UK assets to Chrysaor E&P Ltd for $2.675 billion, plus interest and customary adjustments. The two subsidiaries indirectly hold most of Conoco's British exploration and production assets and contained around 99 million barrels of oil equivalent in proved reserves on Dec. 31.
(-) Schlumberger ( SLB ) turned over 3% lower this afternoon, giving back a more than 3% advance earlier Thursday. The oilfield-services gian t report ed a drop in its non-GAAP Q1 net income to $0.30 per share from $0.38 during the quarter last year but still matching the Capital IQ consensus.