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Energy Sector Update for 01/27/2017: VVV,ESES,PER

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Top Energy Stocks

XOM -0.22%

CVX -2.47%

COP -2.36%

SLB -0.52%

OXY +0.52%

Energy stocks were ending mostly lower today, with the NYSE Energy Sector Index dropping just over 1.0% while shares of energy companies in the S&P 500 were down 1.1% as a group. Crude oil for March delivery settled 61 cents lower at $53.17 per barrel while February natural gas futures rose a penny to $3.39 per 1 million BTU, reversing a steep decline earlier in the session.

In company news, Valvoline ( VVV ) jumped to a record high on Friday after reporting Q1 financial results topping Wall Street expectations and raised its forecast for FY17 per-share earnings above analyst estimates.

The auto lubricants company earned $0.35 per share during the October-to-December quarter, exceeding the Capital IQ Consensus by $0.05 per share. Revenue increased 7.2% over the same quarter last year to $489 million, also beating the $474.14 million consensus.

Looking forward to the 12 months ending in December, Valvoline raised projected FY17 per-share earnings to between $1.36 to $1.43, up from its prior range expecting $1.31 to $1.41 per share and beating the analyst mean by at least $0.06 per share.

VVV shares were up more than 5% at $23.59 each, this morning climbing to a best-ever $24.98 a share.

In other sector news,

(+) ESES, Executes one-year contract, with option for second year, to expand pressure pumping operations in Oklahoma for "a well-capitalized and established" U.S. oil and natural gas producer.

(-) PER, Lowers quarterly dividend by $0.014, or about 10.4%, from previous distribution to $0.12 per unit, citing current and expected declines in production volumes.

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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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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