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Energy Sector Update for 07/24/2018: ASTE,NAP,BTU


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Energy stocks continue to advance Tuesday afternoon, with the NYSE Energy Sector Index rising almost 1.4% while shares of energy companies in the S&P 500 also were up nearly 1.4% as a group. West Texas Intermediate crude oil for September delivery was 78 cents higher at $68.82 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract was climbing 69 cents to $73.84 per barrel. August natural gas futures were 1 cents at $2.73 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing over 1.5% while United States Natural Gas was posting a nearly 0.8% increase. The Philadelphia Oil Service Sector index was up almost 0.3%.

In industry news:

Oil prices were turned almost 1.5% higher after the US Energy Information Administration Tuesday said the United States will consume about 14% of the world's energy by 2040 while China, India and Africa will account for 36% of global energy consumption in 22 years, up from about 32% currently. Overall, the federal agency is expecting consumption to grow by an average of 0.7% per year through 2040. The American Petroleum Institute also will release its weekly look at US crude oil inventories after Tuesday's market close at 4:30 p.m. ET.

Among energy stocks moving on news:

- Astec Industries ( ASTE ) plunged Tuesday, dropping as much as 16%, after the asphalt and wood-pellet company swung to a Q2 net loss, missing Wall Street estimates expecting a profit during the April-to-June reporting period, posting a net loss of $1.76 per share during the three months ended June 30 compared with a $0.62 per share profit during the same quarter last year while analysts polled by Capital IQ had been looking for net income of $0.91 per share. Net sales fell 9.7% year-over-year to $272.5 million, also lagging the $332.7 million analyst mean. Astec Tuesday also said it will pay $68 million over the next 120 days to one of its wood pellet customers, Highland, after deciding to exit its wood pellet plant contract. It also will forgive $7 million in receivables to Highland. Astec also has retained the Maine Pointe consulting firm to assist with a strategic review of its comprehensive sourcing and its capital allocation.

In other sector news,

+ Navios Maritime Midstream Partners LP ( NAP ) was narrowly higher on Tuesday, rising less than 1%, after the master limited partnership that owns and operates crude oil tankers declared a quarterly distribution of $0.125 per unit for the three months ended June 30, unchanged from its Q1 distribution and payable Aug. 14 to investors of record on Aug. 6.

- Peabody ( BTU ) dropped almost 3% on Tuesday after the coal miner reported Q2 earnings and revenue that missed Wall Street expectations. Earnings from continuing operations during the three months ended June 30 was $0.93 per share, compared with a $0.18 net loss per share during the year-ago period and missing the Capital IQ consensus expecting Peabody to earn $1.06 per share during the April-to-June reporting period. Revenue rose to $1.309 billion from $1.258 billion last year but also fell short of the $1.357 billion analyst consensus.

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: ASTE , BTU



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