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Energy Sector Update for 08/09/2018: PEGI,XOM


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Top Energy Stocks

XOM -0.52%

CVX -0.82%

COP +0.90%

SLB -1.64%

OXY -4.15%

Energy stocks were retreating Thursday afternoon, with the NYSE Energy Sector Index falling nearly 1.0% while shares of energy companies in the S&P 500 were down almost 0.9% as a group. West Texas Intermediate crude oil for September delivery was ahead just 1 cent at $66.95 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declining 5 cents to $72.23 per barrel. September natural gas futures also were 1 cent lower at $2.94 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing just over 0.1% while United States Natural Gas was dropping nearly 0.3%. The Philadelphia Oil Service Sector index also was slumping about 1.8%.

Among energy stocks moving on news:

- Pattern Energy ( PEGI ) has turned negative in Thursday afternoon trading, reversing a more than 3% gain previously in the session that followed the oil and natural gas producer posting Q2 net income exceeding analyst expectations. Pattern earned $0.34 per share during the April-to-June reporting period, more than doubling its $0.16 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.20 per share. But likely weighing on the stock in more recent trading was an increase in Q2 revenue to $139.9 million from $107.8 million last year, trailing the $141.2 million analyst mean.

In other sector news

- Exxon Mobil ( XOM ) was edging lower Thursday following reports the energy major has been talking with several refiners in Asia about possible long-term contracts for exports of light, sweet crude from the Permian Basin as early as this year, Bloomberg News reported, citing sources.

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: PEGI , XOM



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