Top Energy Stocks
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.