Energy Sector Update for 11/16/2018: EOG,HP,TDW,WMB

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Energy stocks extended their gains in late trading today, with the NYSE Energy Sector Index climbing almost 0.9% while shares of energy companies in the S&P 500 were up slightly nearly 1.4% as a group. Among energy-related ETFs, United States Oil was rising just over 0.5% while United States Natural Gas was pushing out to a nearly 10.6% gain. The Philadelphia Oil Service Sector index was up about 0.4% this afternoon.

Among energy stocks moving on news:

(+) EOG Resources ( EOG ) rose almost 4% at one point on Friday after analysts at Credit Suisse raised their investment recommendation for the oil and natural gas producer to Outperform from Neutral. The upgrade follows the company Nov. 1 reporting non-GAAP Q3 net income and revenue exceeding Wall Street expectations.

In other sector news:

(+) Helmerich & Payne ( HP ) climbed over 3% on Friday after the well drilling company swung to a Q3 profit and beat Wall Street expectations as its revenue grew almost 31% over the same quarter last year. Excluding one-time items, the company earned $0.19 per share during the three months ended Sept. 30, reversing a $0.14 per share non-GAAP and topping the Capital IQ consensus by $0.01 per share. Revenue rose to $696.8 million from $532.3 million last year and exceeded the $681.9 million analyst mean.

(+) Williams ( WMB ) was hanging on for a slim Friday gain, with shares of the energy infrastructure company rising less than 1% after saying it agree to form a joint venture with privately held Brazos Midstream in the Delaware Basin of Texas. Under terms of the new partnership, Williams will contribute all of its assets in the region in exchange for a 15% share of the joint venture. The two companies also have agreed to work together to find new uses for natural gas residue for the benefit of producers in the Delaware Basin and beyond.

(-) Tidewater ( TDW ) was fractionally lower Friday afternoon, giving back a small gain earlier today that followed the company saying Quinn Fanning has stepped down as its chief financial officer following completion of is $1.25 billion acquisition of rival oilfield-services company GulfMark Offshore. Fanning was replaced by Quintin Kneen, who previously was CEO and president at GulfMark prior to Thursday's business combination. Fanning is expected to remain with Tidewater for an indefinate period to assist with a smooth transition.

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: EOG , HP , WMB , TDW

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