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Energy Sector Update for 02/14/2018: FANG,STNG,EQM

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Top Energy Stocks

XOM -0.99%

CVX -0.67%

COP +2.44%

SLB -1.14%

OXY -1.86%

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.

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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