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Energy Sector Update for 05/15/2019: BPL,ROAN,EPSN,VET,VET.TO


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XOM +0.75%

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COP -0.37%

SLB +0.91%

OXY -0.82%

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.

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: BPL , VET , EPSN , ROAN



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