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

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Top Energy Stocks

XOM -0.93%

CVX -1.81%

COP -1.84%

SLB -0.67%

OXY -0.81%

Energy stocks extended their losses this afternoon, also leading the U.S. markets lower today, with the NYSE Energy Sector Index Thursday falling over 1.0% while shares of energy companies in the S&P 500 were down 1.3% as a group. Crude oil for March delivery settled 25 cents higher, reversing small declines earlier Thursday, at $53.36 per barrel. February natural gas futures fell 7 cents today to finish at $2.85 per 1 million BTU.

In company news, Pembina Pipeline (PBA,PPL.TO) climbed to an 18-month high on Thursday after the Canadian pipeline operator today today it has signed a 20-year infrastructure development and service agreement with Chevron ( CVX ) Canada.

Under terms of the new agreement, Chevron will contract with Pembina to build, own and operate gas gathering pipelines and processing facilities in a 10-township, liquids-rich region in the Duvernay resource play near Fox Creek, Alberta. Pembina also will be responsible for liquids stabilization facilities and other supporting infrastructure.

PBA shares were up more than 4% this afternoon at $32.68, slipping slightly from their best price since July 2015 at $32.78 a share. CVX shares were down almost 2% at $110.55 each in late trade, or just 3 cents above their session low.

In other sector news,

(+) CIR, 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, 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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