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

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Top Energy Stocks

XOM +0.51%

CVX -0.16%

COP +0.96%

SLB -1.21%

OXY +0.49%

Energy stocks were recovering this afternoon, with the NYSE Energy Sector Index climbing more than 0.3% while shares of energy companies in the S&P 500 were up just under 0.2% as a group. West Texas Intermediate crude oil for June delivery was rising 48 cents to $61.88 per barrel, reversing a prior decline, while the global benchmark Brent crude July contract was advancing 38 cents to $70.26 per barrel. June natural gas futures were 6 cents higher at $2.59 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was ahead nearly 1.3% while the United States Natural Gas fund was climbing almost 2.4%. The Philadelphia Oil Service Sector index was down 0.3%.

Among energy stocks moving on news:

(+) Diamondback Energy ( FANG ) was trading 8% 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.

In other sector news:

(+) Nine Energy Service ( NINE ) was 4.7% 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.

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

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