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Energy Sector Update for 02/12/2018: HUSA,USAC,SU,SU.TO,IMO,IMO.TO,BWP

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Energy stocks were trending higher this afternoon, with the NYSE Energy Sector Index rising almost 2.1% while shares of energy companies in the S&P 500 also were up nearly 1.9% as a group. West Texas Intermediate crude oil for March delivery settled 9 cents higher at $59.29 per barrel in New York while the benchmark Brent crude April contract slipped 7 cents Monday to $62.72 per barrel. March natural gas futures fell 3 cents to $2.55 per 1 million BTU. Among energy-related ETFs, United States Oil was up 0.3% while United States Natural Gas was down over 1.6%. The Philadelphia oil-service sector index was over 2.2% higher.

In industry news:

Oil prices rebounded Monday, with West Texas Intermediate crude rising for the first time in more than a week and again approaching $60 per barrel as improving equity markets works to renew investors' appetite for risk. The six-day decline followed government and private data showing a steady increase in U.S. production above 10 million barrels per day and placing an apparent coda on an extended advance that had lifted domestic prices to their best levels since late 2014. "Crude prices have rallied concomitantly with stock markets, which have been in recovery mode in early week trade in Asia and Europe following Wall Street's lead on Friday," Action Economics said in a research note.

Among energy stocks moving on news:

+ Houston American Energy ( HUSA ) was up more than 23% in late Monday trading at 33 cents a share, easing slightly from an intra-day high of 35 cents a share after the oil and natural gas producer reported a 842% jump in Q4 revenue over year-ago levels to $414,743. It also produced about 6,150 barrels of oil and 19.52 million cubic feet of natural gas during the quarter after reaching on 1,395 barrels of oil equivalent during the final three months of 2016.

In other sector news

+ USA Compression Partners ( USAC ) climbed as much as 5% during Monday trading, topping out at $18.00 a share, after the provider of compression services to the oil-and-gas industries reported a rise in Q4 revenue to $75.4 million from $72.8 million during the same quarter last year, matching the Capital IQ consensus. Net income also rose to $0.07 per share from $0.05 per share last year but trailing the analyst mean by $0.04 per share.

- Suncor Energy (SU,SU.TO) was ending fractionally lower after the Canadian oil and natural gas producer said it was buying another 5% stake in the Syncrude joint venture from Mocal Energy, boosting its overall ownership interest to 58.7% of the synthetic crude oil facility in northern Alberta. The other owners are Imperial Oil (IMO,IMO.TO), with a 25% interest, while the Sinopec Oil Sands partnership and Nexen Oil Sands partnership have 9.03% and 7.23%, respectively. Financial terms of the transaction were not disclosed.

-Boardwalk Pipeline Partners LP ( BWP ) dropped to a two-year low of $11.07 a share, sinking to its worst price since January 2016, after the pipeline company Monday said its Q4 net income fell to $0.33 per share from $0.35 per share during the same quarter last year and missing the Capital IQ consensus by $0.07 per share. Revenue also slipped to $337.5 million from $352.6 million in the year-ago period and lagging the $352.6 million Street call.

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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