Energy Sector Update for 10/29/2018: MEOH, OIS

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Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index falling 0.2% while shares of energy companies in the S&P 500 were down 0.3% as a group. West Texas Intermediate crude oil for December delivery was slipping 36 cents to $67.23 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract was declining 23 cents to $77.39 per barrel. November natural gas futures were 3 cents lower at $3.16 per 1 million BTU. Among energy-related ETFs, United States Oil was falling nearly 0.8% while United States Natural Gas was dropping more than 2.1%. The Philadelphia Oil Service Sector index also was down more than 2.1%.

Among energy stocks moving on news:

(+) Methanex ( MEOH ) was more than 1% lower in recent trading, reversing a more than 3% advance earlier Monday that followed Tudor Pickering raising its investment recommendation for the methanol producer to buy from hold and raising its price target for the company's stock by $3 to $84 a share.

In other sector news

(-) Oil States International ( OIS ) retreated Monday, dropping almost 5% at one point, after the oilfield-services company posted Q3 financial results narrowly trailing Wall Street expectations. The net loss was $0.07 per share, improving on a $0.30 per share net loss in the year-ago period but still missing the Capital IQ consensus by $0.01 per share. Revenue increased to $274.6 million from $164.0 million but lagged analyst projections.

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This article appears in: Investing , Energy
Referenced Symbols: MEOH , OIS

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