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Energy Sector Update for 11/07/2018: WTI,FTS,DK,ANDX


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Energy stocks were ending mostly higher today, with the NYSE Energy Sector Index rising almost 1.3% while shares of energy companies in the S&P 500 were up nearly 1.6% as a group. West Texas Intermediate crude oil for December delivery slipped 54 cents to $61.67 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude January contract declined 6 cents to $72.07 per barrel. December natural gas futures were unchanged at $3.56 per 1 million BTU. Among energy-related ETFs, United States Oil fell about 0.7% while United States Natural Gas also dropped about 0.1%. The Philadelphia Oil Service Sector index was up more than 1.2% today.

Among energy stocks moving on news:

(-) W&T Offshore ( WTI ) was edging higher shortly before Wednesday's closing bell after late Tuesday saying Janet Yang has been named the permanent chief financial officer after holding the post on an interim basis. Yang joined the oilfield-services firm in 2008 and previously was its finance manager prior to becoming the director of strategic planning and analysis. The company also said Thomas Murphy was stepping down as chief operations officer. No successor was immediately selected.

In other sector news:

(+) Flotek Industries ( FTK ) was almost 21% higher on Wednesday after the petroleum industry services company reported a narrower-than-expected adjusted Q3 net loss and revenue topping analyst estimates. Excluding one-time items, the company's net loss for the three months ended Sept. 30 was $0.06 per share, unchanged from the year-ago period and beating the Capital IQ consensus expecting a $0.11 per share non-GAAP net loss. Revenue grew to $71 million from $79.5 million last year, also exceeding the $67.5 million Street view.

(+) Delek US Holdings ( DK ) climbed as much as 7% higher on Wednesday after reporting its adjusted Q3 net income rose to $2.02 per share from $0.77 per share during the prior-year period and beating the Capital IQ consensus by $0.05 per share. The downstream energy business also generated $2.50 billion in revenue during the July-to-September fiscal period, up from $2.37 billion during the same quarter last year and roughly in-line with the $2.51 billion analyst mean.

(+) Andeavor Logistics ( ANDX ) was fractionally higher on Wednesday, swinging between small gains and losses, after reporting Q3 revenue exceeding analyst projections despite a 41.1% drop compared with year-ago levels. Revenue fell to $642 million from $1.09 billion last year but still topped the Capital IQ consensus by $70.4 million. Excluding one-time items, it earned $0.68 per share during the three months ended Sept. 30, down from $0.90 per share during the same quarter last year but matched Wall Street expectations.

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: WTI , FTK , DK , ANDX , FTS



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