Top Energy Stocks
Energy stocks were ending mostly higher, with the NYSE Energy Sector Index Wednesday climbing 0.5% while shares of energy companies in the S&P 500 also were up more than 0.5% as a group. West Texas Intermediate crude oil for June delivery settled 24 cents higher at $62.02 per barrel in New York while the global benchmark Brent crude July contract advanced 79 cents to $72.03 per barrel. June natural gas futures fell 6 cents lower at $2.60 per 1 million BTU. Among energy-related ETFs, the United States Oil fund put up a nearly 0.9% gain while the United States Natural Gas fund dropped almost 1.8%. The Philadelphia Oil Service Sector index was up just over 1.3%.
In industry news:
Crude oil prices eased slightly this afternoon after a bearish inventory report, with the Energy Information Administration Wednesday saying commercial oil supplies grew by a larger-than-expected 5.4 million barrels during the seven days ended May 10. That compares with experts polled by S&P Global Platts expecting a 3-million-barrel increase last week while the American Petroleum Institute late Tuesday said US inventories grew by 8.6 million barrels.
Among energy stocks moving on news:
(+) Buckeye Partners ( BPL ) was slightly higher in late Wednesday trade following a UBS downgrade of the pipeline and terminals company to neutral from buy although the research shop also raised its price target for the company's stock by $5.50 to $41.50 a share.
In other sector news:
(+) Vermilion Energy ( VET ) edged higher Wednesday, up fractionally after the Canadian oil and natural gas producer declared a cash dividend of CDN0.23 per share, unchanged from its most recent distribution and payable June 17 to shareholders of record on May 31.
(+) Epsilon Energy Ltd ( EPSN ) advanced fractionally. The natural gas producer reported a 2% year-over-year increase in Q1 revenue, rising to $7.9 million during the three months ended March 31, while net income slipped to $0.05 per share from $0.08 per share during the same quarter last year. Analyst estimates were not available.
(-) Roan Resources ( ROAN ) plunged 20% this afternoon. The oil and natural gas company reported non-GAAP Q1 net income of $0.10 per share on $14.9 million in revenue during the three months ended March 31, down from a $0.31 per share adjusted profit during the year-ago period as revenue fell 83.7% from $91.4 million last year. Analyst estimates were not available for comparison.