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


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Energy stocks were trading broadly higher, with the NYSE Energy Sector Index climbing 0.5%, while shares of energy companies in the S&P 500 were up 0.6% as a group. West Texas Intermediate crude oil for December delivery was rising 24 cents to $56.70 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude January contract was advancing 35 cents to $66.97 per barrel. December natural gas futures also were 11 cents higher at $4.14 per 1 million BTU. Among energy-related ETFs, United States Oil was rising 0.1% while United States Natural Gas was pushing out a 5.7% gain. The Philadelphia Oil Service Sector index was down about 0.6% this afternoon.

Among energy stocks moving on news:

(+) Helmerich & Payne ( HP ) climbed 2% 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, 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.

In other sector news:

(+) Williams ( WMB ) was hanging on for a slim Friday gain, with shares of the energy infrastructure company rising less than 1% after saying it has agreed to form a joint venture with privately held Brazos Midstream in the Delaware Basin. Under terms of the new partnership, Williams will contribute 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. The company said Quinn Fanning has stepped down as its chief financial officer following completion of its 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.

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: HP , WMB , TDW



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