Energy Sector Update for 08/16/2017: PBR,GLNG,GMLP,KOS

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Energy stocks continued to add to their Wednesday slide this afternoon, with the NYSE Energy Sector Index dropping nearly 0.9% while shares of energy companies in the S&P 500 were down more than 1.1% as a group. Crude oil for September delivery settled 77 cents lower at $46.78 per barrel while September natural gas futures fell 5 cents to $2.89 per 1 million BTU.

In company news, American depository shares of Petroleo Brasileiro ( PBR ), the Brazilian state-run energy major more commonly known as Petrobras was holding on to a moderate gain Wednesday afternoon, rising more than 1% and staying within close range of today's $8.74 per ADS session high, despite reports investigators were now probing its 2016 sale of its former subsidiary in Argentina.

Felipe Caldeira, an attorney representing the company's minority shareholders, in May filed a civil case in Rio de Janeiro seeking an investigation of the nearly $900 million sale, claiming it was priced below market value.

Caldeira told Reuters he recently talked with prosecutors pursuing a political corruption case involving Petrobras, adding he provided them with more information about the sale.

Petrobras last year sold its 67.2% stake in the unit to Pampa Energia for $892 million.

In other sector news,

(+) ROSE, Trims Q2 net loss to $0.08 per share from its $0.51 per share loss during year-ago period, while revenue climbs just over 57% over last year to $14.7 mln. Analyst estimates were not available. Boosts FY17 production outlook by at least 57% over prior forecast.

(-) KOS, Approved to list its stock on the London Stock Exchange in addition to its current listing on the NYSE.

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: PBR , GLNG , GMLP , KOS

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