Top Energy Stocks
Energy stocks were ending sharply higher, with the NYSE Energy Sector Index climbing more 1.7% while shares of energy companies in the S&P 500 were up more than 1.5% as a group in late trade. Crude oil for March delivery settled 10 cents lower at $59.19 per barrel in New York while the benchmark Brent crude April contract climbed $1.72 to $64.44 per barrel. March natural gas futures rose 4 cents to $2.59 per 1 million BTU. Among energy-related ETFs, United States Oil was up 2.7% while United States Natural Gas was down nearly 0.1%. The Philadephia oil-service sector index was up almost 1.9%.
In industry news:
The Energy Information Agency Wednesday morning reported a slightly bullish 1.84-million-barrel increase in U.S. crude oil inventories during the seven days ended Feb. 9. Industry experts polled by S&P Global/Platts had been expecting a 2.6-million-barrel build last week over prior-week levels. The rising supply followed the American Petroleum Institute late Tuesday saying crude inventories rose 3.9 million barrel last week.
Among energy stocks moving on news:
+ Diamondback Energy ( FANG ) shares rose almost 7% during Wednesday intra-day trading, touching a session high of $122.92 a share, after the oil and natural gas producer reported adjusted Q4 net income of $1.56 per share, topping the Capital IQ consensus by $0.01 per share. Total revenue more than doubled from year-ago levels, jumping to $399.2 million from $185.0 million during the same quarter last year, also exceeding the the $365.9 million consensus. Looking forward, the company is projecting FY18 production in a range of 108,000 to 116,000 barrels of oil equivalent per day, a 40% increase over the mid-point of its FY17 outlook.
In other sector news
+ Scorpio Tankers ( STNG ) rose as much as 8% on Wednesday despite reporting a wider-than-expected Q4 net loss and revenue also trailing Wall Street estimates. Excluding one-time items, the petroleum shipping company recorded an adjusted $0.14 per share net loss during the three months ended Dec. 31, missing the Capital IQ consensus expecting an adjusted $0.08 per share net loss. Revenue increased to $148.4 million from $106.1 million last year, also narrowly lagging the $148.9 million Street view.
- EQT Midstream Partners ( EQM ) declined Wednesday after analysts at Wolfe Research cut their investment recommendation to Peer Perform from Outperform.
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