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Energy Sector Update for 02/13/2017: PBR,BIP,STNG,SDLP,STO

Top Energy Stocks

XOM +0.51%

CVX +0.70%

COP -0.91%

SLB +0.34%

OXY -1.56%

Energy stocks were scratching out small gains this afternoon, reversing declines from earlier today, with the NYSE Energy Sector Index rising about 0.1% while shares of energy companies in the S&P 500 also were up 0.1% as a group. Crude oil for March delivery settled 93 cents lower at $52.93 per barrel while February natural gas futures fell 9 cents to finish at $2.94 per 1 million BTU.

In company news, American depository shares of Petroleo Brasileiro SA ( PBR ) were higher in late Monday trade after analysts at JP Morgan Chase & Co. earlier today raised their investment call for the Brazilian state-run energy major more commonly known as Petrobras to Overweight from Neutral.

The upgrade follows a state-level court in Brazil Friday stepping in to block Petrobras' sale of its 90% stake in the Nova Transportadora do Sudeste SA natural gas pipeline to a consortium co-led by Canada's Brookfield Infrastructure Partners (BIP,BIP-UN.TO), citing discrepancies in the way Petrobras proceeded with the sale. The proposed $5.2 billion sale, announced in November, was the key part of Petrobras' 2015-16 divesture program.

Both Petrobras and Brookfield have since said they intend to take whatever legal measures necessary to protect their interests, expecting their respective appeals will likely be heard in March.

PBR ADS were up almost 2% at $10.60 apiece in New York trading, staying within 4 cents of their session high. BIP shares were just over 1% higher at $36.43 each, previously topping out today at $36.62 a share.

In other sector news,

(+) STNG, Non-GAAP net loss of $0.18 per share matches Capital IQ consensus. Revenue drops 40.4% compared with same quarter last year to $106.1 mln, missing the $108.03 mln Street view.

(-) SDLP, Statoil ( STO ) Canada awards firm, $14 mln two-well contract plus a two-well option for the West Aquarius drillrig offshore eastern Canada.

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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