Markets

Energy Sector Update for 02/10/2016: SMLP,ENB,ENB.TO,PAGP,NGL

Top Energy Stocks

XOM +0.19%

CVX +0.55%

COP -0.83%

SLB +0.34%

OXY +1.67%

Energy stocks were mixed today, with the NYSE Energy Sector Index rising 0.1% while shares of energy companies in the S&P 500 were up almost 0.6% as a group. Crude oil for March delivery was up 21 cents at $26.76 per barrel while March natural gas futures were 14 cents higher at $2.37 per 1 million BTU.

In company news, Summit Midstream Partners ( SMLP ) has turned higher again in afternoon trading, recovering earlier gains that followed the pipeline company late yesterday beginning operations of the Stampede Lateral crude oil transmission pipeline in North Dakota.

The company last night said it was almost done with the nearby Little Muddy pipeline, which will interrconnect with Enbridge's (ENB,ENB.TO) pipeline system in the Bakken shale formation.

SMLP shares were up slightly less than 1% at $14.62 a share,

In other sector news,

(+) PAGP, (+9.0%) Q4 EPS of $0.11 misses by $0.07 per share. Revenue of $5 bln lags Street view by $2.5 bln. Reduced to Neutral at Bank of America Merrill Lynch while Credit Suisse downgrades to Neutral from Outperform.

(-) NGL, (-15.7%) GAAP Q3 net income of $0.03 trails Capital IQ consensus by $0.20 per share. Revenue of $2.685 bln also lags $3.28 mln consensus.

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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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