Energy Sector Update for 02/16/2018: GLOG,PES,ENB,ENB.TO

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Energy stocks turned slightly lower just before Friday's close, with the NYSE Energy Sector Index falling less than 0.1% while shares of energy companies in the S&P 500 were down nearly 0.2% as a group. Crude oil for April delivery settled 38 cents to $61.55 per barrel in New York while the benchmark Brent crude April contract added 57 66 cents to reach $64.90 per barrel. March natural gas futures fell 2 cents to $2.56 per 1 million BTU. Among energy-related ETFs, United States Oil was up nearly 0.7% while United States Natural Gas was down almost 0.9%. The Philadelphia oil-service sector index also was up more than 1.4%.

In industry news:

U.S. energy companies brought another seven oil rigs into operation this week, with 798 rigs now in use throughout the country during the seven days ending Feb. 16, reaching their highest level since April 2, 2015, energy services firm Baker Hughes ( BHGE ) said Friday afternoon. said. American operators pulled seven natural gas rigs out from fields over the same time span, leaving the combined oil and gas rig count unchanged from the week ended Feb. 9 at 975 rigs. Canadian oil and gas operators idled three rigs and four rigs each, respectively, with 218 oil rigs and 100 natural gas rigs in use north of the border this week. The North American total also fell by seven rigs this week to 1,293 rigs overall, up 211 - or about 19.5% - over the 1,082 North American total during the year-ago period.

Among energy stocks moving on news:

- GasLog Ltd. ( GLOG ) at one point declined over 8% on Friday, reaching a session low of $18.30 a share, after the liquefied natural gas carrier company reported a surprise Q4 net loss. Excluding one-time items, the company posted an adjusted Q4 net loss of $0.02 per share, reversing a $0.02 per share non-GAAP profit during the same quarter last year and missing the Street view looking for adjusted net income of $0.02 per share for the three months ended Dec. 31. Revenue grew to $135.8 million compared with $126.5 million during the year-ago period and roughly matching the $135.72 million analyst consensus.

In other sector news

- Enbridge (ENB,ENB.TO) was straddling its Friday starting price, swinging between small gains and losses, after the energy infrastructure company reported adjusted Q4 net income of $0.61 per share, improving on a non-GAAP profit of $0.56 per share during the same quarter last year and beating the Capital IQ consensus by $0.03 per share. It did not provide total revenue levels for the quarter. Separately, Enbridge does not see a need to sell additional assets during 2018 than it already has publicly targeted although it was also keeping its options open, CEO Al Monaco said today during a conference to discuss its Q4 financial results, according to Reuters, which Thursday reported Reuters the company was planning to accelerate its C$ 8 billion ($6.4 billion) divestment program, or more than double its original sales target. Monaco did not deny the report but told analysts on the call they should treat it with caution "since it's not from us."

- Pioneer Energy Services ( PES ) dropped almost 7% during early Friday trading, falling to a session low of $2.70 a share after the oilfield-services company reported adjusted Q4 net loss of $0.14 per share, narrowing its $0.34 per share net loss during the year-ago period but still coming in wider than the $0.11 per share net loss analysts polled by Capital IQ, on average, were expecting. Revenue rose to $126.3 million from $71.5 million during the same quarter last year to match the analyst mean. Looking ahead, the company is projecting Q1 revenue from its production services business to increase between 10% to 15% over the preceding quarter.

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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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