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Energy Sector Update for 02/16/2017: CVI,CIR,HOS

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Top Energy Stocks

XOM -0.55%

CVX -1.29%

COP -1.33%

SLB -0.57%

OXY -0.52%

Energy stocks were leading the U.S. markets lower on Thursday, with the NYSE Energy Sector Index Thursday falling over 0.7% while shares of energy companies in the S&P 500 were down 1.0% as a group. Crude oil for March delivery was down 11 cents at $53.00 per barrel while February natural gas futures were six cents lower at $2.86 per 1 million BTU.

In company news, CVR Energy ( CVI ) advanced Thursday after the petroleum refinery and nitrogen fertilizer company today surprised Wall Street with a Q4 profit, reversing a year-ago net loss and easily beating analyst expectations as revenue grew by more than one-third during the October-to-December period compared with year-ago levels.

The company earned $0.08 per share during the three months ended Dec. 31 compared with a $0.52 per share net loss during the same quarter last year and exceeding the Capital IQ consensus expecting a $0.17-per-share net loss. Revenue grew 33.6% year-over-year to $1.35 billion, also topping the $1.17 billion analyst mean.

CVR Energy early Thursday also declared a $0.50 per share Q4 cash dividend, unchanged from the prior quarter and payable March 6 to sharesholders of record on Feb. 27.

CVI shares were up 8% at $23.27 each in recent trade, previously today topping out at $23.76 a share.

In other sector news,

(+) CIR, (+12.0%) Adjusted Q4 EPS of $0.48 beats Capital IQ consensus by $0.07 per share. Revenue fell 3.7% from last year to $158.24 mln, exceeding the $148 mln consensus.

(-) HOS, (-25.7%) Reports non-GAAP Q4 net loss of $0.53 per share, missing the Capital IQ consensus by $0.06 per share. Revenue falls 52.8% to $41.9 mln, also trailing the $46.69 mln consensus.

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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