Energy Sector Update for 05/08/2019: CHK,FANG,NINE,MPC,ANDX

Shutterstock photo

Top Energy Stocks

XOM +0.63%

CVX -0.22%

COP +1.13%

SLB -0.69%

OXY +1.17%

Energy stocks this afternoon continued to add to their modest gains from earlier in Wednesday trading, with the NYSE Energy Sector Index climbing more than 0.4% while shares of energy companies in the S&P 500 also were up just under 0.4% as a group. West Texas Intermediate crude oil for June delivery settled 72 cents higher at $62.12 per barrel, reversing its morning decline, while the global benchmark Brent crude July contract advanced 43 cents to $70.31 per barrel. June natural gas futures rose 7 cents to $2.61 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead slightly more than 1.6% while the United States Natural Gas fund was climbing almost 2.7%. The Philadelphia Oil Service Sector index was little changed shortly before the closing bell, erasing most of its prior slide.

In industry news:

Crude oil prices turned higher after new data Wednesday showed a larger-than-expected decline in US inventories last week, dropping by 4 million barrels during the seven days ended May 3 to 466.6 million barrels, according to the Energy Information Administration. That compares with the American Petroleum Institute late Tuesday reporting a 2.8 million-barrel increase last week while industry experts polled by S&P Global Platts, on average, had been expecting the EIA data to show a 2.2 million-barrel decline.

Among energy stocks moving on news:

(+) Chesapeake Energy ( CHK ) was almost 5% higher late Wednesday. The natural gas and oil producer reported non-GAAP Q1 net income of $0.14 per share, more than halving its $0.34 per share profit during the year-ago period and coming within a penny of the Capital IQ consensus forecast expecting $0.15 per share. Revenue also declined 25% from the same quarter last year to $929 million, also missing the $1.13 billion Street view.

In other sector news:

(+) Diamondback Energy ( FANG ) was trading 7% higher on Wednesday afer the oil and natural gas producer reported a decline in non-GAAP Q1 net income to $1.39 per share from $1.64 per share during the prior-year period but still beating the $1.35 per share Street view for the three months ended March 31.

(+) Nine Energy Service ( NINE ) was almost 9% higher after reporting Q1 net income of $0.76 per share, excluding one-time items and beating the Capital IQ consensus by $0.54 per share.

(-) Marathon Petroleum ( MPC ) fell over 6% after agreeing to acquire Andeavor Logistics ( ANDX ) through a $9 billion stock swap by its MPLX subsidiary. Marathon also reported a surprise Q1 net loss of $0.01 per share, missing the Capital IQ consensus looking for a $0.22 per share profit.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Energy
Referenced Symbols: CHK , FANG , NINE , MPC ,

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?