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Energy Sector Update for 10/31/2018: NBR,PBF,CVE,CVE.TO,MDR


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Top Energy Stocks

XOM +1.74%

CVX +0.98%

COP +1.07%

SLB -1.72%

OXY +0.18%

Energy stocks pared some of their earlier gains but were still finishing with sizable gains today, with the NYSE Energy Sector Index climbing almost 1.4% while shares of energy companies in the S&P 500 were up over 1.1% as a group. West Texas Intermediate crude oil for December delivery settled 87 cents lower at $65.31 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract fell 44 cents to $75.47 per barrel. December natural gas futures rose 7 cents to $3.26 per 1 million BTU. Among energy-related ETFs, United States Oil dropped nearly 1.6% while United States Natural Gas was rising almost 2.4%. The Philadelphia Oil Service Sector index was up more than 0.5% today.

Among energy stocks moving on news:

(+) Nabors Industries ( NBR ) still was nearly 4% higher in late Wednesday trading, easing from a nearly 11% rise for the land- and offshore-based drilling company despite reporting a wider-than-expected Q3 net loss and a smaller-than-expected increase in quarterly operating revenue. The company nearly halved its net loss for the three months ended Sept. 30, posting a $0.31 per share loss compared with a net loss of $0.61 per share fell in the year-ago period but lagging the Capital IQ consensus expecting a $0.21 per share net loss. Revenue rose 2% year-over-year to $779 million, also trailing $800.78 million Street view.

In other sector news:

(+) PBF Energy ( PBF ) climbed over 6% at one point Wednesday afternoon after the oil and natural gas company reported non-GAAP Q3 net income exceeding Wall Street expectations. Excluding one-time items, the company earned $1.13 per share, down from its $1.44 per share adjusted profit during the year-ago period but still topping the Capital IQ consensus by $0.10 per share. Revenue grew 39.5% year over year to $7.65 billion, also beating the $7.21 billion analyst mean.

(+) Cenovus Energy Inc (CVE,CVE.TO) was hanging on to a narrow gain in late Wednesday trading, backing down from a more than 6% gain that followed the Canadian oil and natural gas producer said cash from its Q3 operations, together with $625 million in proceeds from the sale of its Pipestone Partnership, helped reduce its net debt to under $8.0 billion, or almost 17% less than its debt level at the end of Q2.

(-) McDermott International ( MDR ) fell to a 14-year low on Wednesday, dropping almost 45% to its worst price since September 2004 at $7.10 a share, after recording a big drop in its adjusted Q3 net income compared with year-ago levels and also trailing analyst projections. Excluding one-time items, the oilfield-services company earned $0.20 per share during the July-to-September quarter, down from $1.00 per share during the same quarter last year and lagging the Capital IQ consensus by $0.09 per share.

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: NBR , PBF , MDR , CVE



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