Energy Sector Update for 07/27/2016: GLF,WGP,VNOM

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Top Energy Stocks

XOM -0.47%

CVX -0.12%

COP -1.27%

SLB -0.63%

OXY -0.55%

Energy stocks pared some of their earlier declines but were still ending mostly lower today, with the NYSE Energy Sector Index dropping 0.9% while shares of energy companies in the S&P 500 were down 0.7% as a group. Crude oil for September delivery settled $1.00 higher at $41.92 per barrel while September natural gas slipped 2 cents to $2.66 per 1 million BTU.

In company news, Gulfmark Offshore ( GLF ) slumped Wednesday after the marine transportation and oilfield-services company today reported Q2 revenue down by nearly 50% compared with year-ago levels, trailing Wall Street estimates.

Revenue for the three months ended June 30 declined 49.7% from last year to $30.5 million, missing the analyst mean looking for $32.95 million.

Excluding one-time items, the company lost $14.3 million, or $0.57 per share, during the quarter, expanding on a $0.55 per share net loss last year and matching the Capital IQ consensus for the latest period.

GLF shares were down almost 5% at $3.06 apiece, staying within close range of their session low of $2.99 a share.

In other sector news,

(+) WGP, Q2 EPS of $0.41 per share beats Capital IQ consensus by $0.08 per share. Revenue fall 8.0% to $428.66 mln, also topping the $406.02 mln Street view.

(-) VNOM, Prices $112 mln public offering of 7 mln common equity units at $16 apiece, a 6.2% discount to Tuesday's closing price.

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: WGP , VNOM

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