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

Top Energy Stocks

XOM +0.94%

CVX +0.29%

COP +0.70%

SLB +1.41%

OXY -0.59%

Energy stocks were moderately higher Friday, with the NYSE Energy Sector Index climbing almost 0.5% while shares of energy companies in the S&P 500 were up about 0.6% as a group. Crude oil for March delivery was rising 39 cents to $61.73 per barrel in New York while the benchmark Brent crude April contract was rising 66 cents to $64.99 per barrel. March natural gas futures were down 2 cents at $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 Philadephia oil-service sector index also was up more than 1.4%.

In industry news:

West Texas Intermediate crude oil was rising Friday as over-supply worries dissipated somewhat following several days of price declines earlier this week. The U.S. dollar also was rising against other currencies amid largely positive earnings results for American companies. Traders also will be looking to the weekly rig inventory report by oilfield-services firm Baker Hughes ( BHGE ), due out at 1 p.m. ET, for signs the rapid increase for North American oil rigs coming online was slowing as prices began to stabilize in recent days.

Among energy stocks moving on news:

- 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.

In other sector news

- Enbridge ( ENB ) 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. The company also said it continues to see a "significant opportunity for new, low-risk growth" in its core footprint through its 2020 horizon, adding it accomplished several important milestones during 2017 and is "well positioned heading into 2018 and beyond."

- GasLog Ltd. ( GLOG ) at one point declined more than 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.

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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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