Energy Sector Update for 02/11/2019: PTEN,RRC,NGL,GPRE

Top Energy Stocks

XOM -0.45%

CVX -0.54%

COP +0.33%

SLB +0.65%

OXY -0.82%

Energy stocks have turned narrowly higher this afternoon, with the NYSE Energy Sector Index rising nearly 0.1% while shares of energy companies in the S&P 500 were up more than 0.4% as a group. West Texas Intermediate crude oil for March delivery settled 31 cents lower at $52.41 per barrel in New York while the global benchmark Brent crude April contract declined 66 cents to $61.44 per barrel. March natural gas futures rose 6 cents to $2.64 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was off almost 0.8% while the United States Natural Gas fund was rising just over 1.4%. The Philadelphia Oil Service Sector index was up more than 0.6%.

Among energy stocks moving on news:

(+) Patterson-UTI Energy ( PTEN ) was 3.5% higher in late Monday trading after the contract drilling company filed a $200 million shelf registration statement for the sale of its common and preferred stock, debt, warrants or subscription rights in one or more offerings.

In other sector news:

(+) Range Resources ( RRC ) rose 9% during Monday trading after the saying its proved natural gas reserves increased by 18% at the end of 2018 compared with its year-ago proved reserves, rising 2.8 trillion cubic feet equivalent since Dec. 31, 2017, to 18.072 trillion cubic feet. The total year-end reserves consisted of 67% natural gas, 30% natural gas liquids and about 3% crude oil, the company said.

(+) NGL Energy Partners ( NGL ) climbed 6% after the petroleum logistics company Monday saw its fiscal Q3 net income from continuing operations double from its year-ago period, rising to $0.64 per share and beating the Capital IQ consensus expecting an $0.11 per share quarterly profit, if comparable. Revenue grew 45.5% year over year to $6.4 million, also topping the $5.7 million analyst mean.

(+) Green Plains Inc. ( GPRE ) was slightly higher on Monday after the ethanol producer reported Q4 revenue trailing Wall Street expectations, generating $827.5 million in revenue during the three months ended Dec. 31. That was down from $921 million during the same quarter last year and lagged the Capital IQ consensus by $66.7 million.

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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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