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Energy Sector Update for 11/08/2018: GLP,SUN,DNR,IMO,IMO.TO


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Top Energy Stocks

XOM -1.52%

CVX -1.18%

COP -4.30%

SLB -1.34%

OXY -1.65%

Energy stocks were more than doubled their prior retreat this afternoon, with the NYSE Energy Sector Index falling nearly 2.3% while shares of energy companies in the S&P 500 were down just over 2.4% as a group. West Texas Intermediate crude oil for December delivery dropped $1.00 to $60.67 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude January contract declined $1.40 to $70.67 per barrel. December natural gas futures fell 1 cents to $3.54 per 1 million BTU. Among energy-related ETFs, United States Oil slid over 1.6% lower while United States Natural Gas was climbing more than 0.7%. The Philadelphia Oil Service Sector index was plunging almost 3.9% today.

Among energy stocks moving on news:

(-) Global Partners LP ( GLP ) extended its decline this afternoon, churning over 2% lower, after the gasoline and other fuels logistics company swung to a surprise Q3 net loss of $0.44 per share during the three months ended Sept. 30, reversing a $0.44 per share GAAP profit during the same quarter last year and missing the Capital IQ consensus estimate expecting net income of $0.27 per share. Total revenue increased 61% over the year-ago period to $3.47 billion, beating the $2.73 billion mean estimate.

In other sector news

(+) Sunoco LP ( SUN ) climbed over 6% on Thursday after posting a $1.12 per unit Q3 profit, up from $1.08 per unit during the same quarter last year and exceeding the Capital IQ consensus expecting just $0.75 per share. Revenue grew to $4.76 billion from $3.06 billion last year and also beating Street views by $170 million. Analysts at Janney Thursday also increased their price target for Sunoco shares by $1 to $30 each.

(+) Denbury Resources ( DNR ) was back on positive ground in recent trading, erasing a nearly 5% decline earlier Thursday, after reporting Q3 earnings and revenue that topped analyst forecasts. Excluding one-time items, the company earned $0.13 per share on $395 million in revenue, beating the Capital IQ consensus by $0.02 per share and $46.6 million, respectively.

(-) Imperial Oil (IMO,IMO.TO) has turned narrowly lower this afternoon, giving back a more than 1% increase earlier Thursday that followed analysts at RBC Capital Market raising their price target for the Canadian oil and natural gas company by CAD1.00 to CAD45.00, or about $34.31, a share and also reiterated its Sector Perform stock rating.

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: GLP , SUN , DNR , IMO



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