Energy Sector Update for 10/31/2018: MDR, CVE, PBF, XOM, CVX, COP, SLB, OXY

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Top Energy Stocks:

XOM: +0.90%

CVX: +1.06%

COP: +0.62%

SLB: +1.05%

OXY: Flat

Energy Stocks were inching higher pre-market Wednesday. West Texas Intermediate crude oil for December delivery was up by $0.09 to $66.27 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract was flat at $75.91 per barrel. December natural gas futures were $0.06 higher at $3.25 per 1 million BTU.

Early movers include:

(-) McDermott International ( MDR ), which was slumping by more than 28% as it booked Q3 adjusted net income of $89 million, or $0.20 per share, compared to $95 million, or $1.00 per share, a year ago, failing to meet consensus estimates of $0.29 per share.

In other sector news:

(-) Cenovus Energy Inc ( CVE ) was down by over 1% after it reported Q3 net loss of CAD0.20 ($0.15) per share, compared with a net loss of CAD0.07 per share in the prior year period. Capital IQ provided a Street estimate for a profit of CAD0.22 per share.

(=) PBF Energy ( PBF ) was unchanged as it posted Q3 adjusted earnings of $1.13 per share, topping the Street estimate of $1.03 per share. The result, however, was lower than last year's EPS of $1.44.

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: MDR , CVE , PBF , XOM , CVX

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