Top Energy Stocks
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.
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