Markets

Energy Sector Update for 02/21/2017: GLOG,HLX,TRCH

Top Energy Stocks

XOM +0.02%

CVX +1.19%

COP +1.41%

SLB +0.11%

OXY +1.25%

Energy stocks continued to slide off their session highs from earlier Monday, with the NYSE Energy Sector Index climbing nearly 0.9% while shares of energy companies in the S&P 500 also were up 0.8% as a group. Crude oil for April delivery settled 55 cents higher at $54.33 per barrel while March natural gas futures plunged 27 cents lower to finish at $2.56 per 1 million BTU.

In company news, GasLog Ltd ( GLOG ) were higher in late Tuesday trading after analysts at a pair of Wall Street shops today raised their respective calls for the liquefied natural gas carrier.

In one upgrade, analysts at JP Morgan increased their rating for GasLog to Neutral from Underweight, also boosting their price by $2 to $14 a share, while Seaport Global Securities raised its call to Buy from Neutral and raised its price target for the company's stock by $5 to $23 a share.

The moves follow the company last week growing its Q4 revenue by 17.7% over year-ago levels to $126.5 million and roughly matching the $126.8 million Capital IQ consensus. It also reported a non-GAAP profit of $0.02 per share, reversing an adjusted $0.02 per share net loss although it still fell shy of Street views expecting $0.05 per share.

GLOG shares were up nearly 3% at $16.40 each, or just 10 cents under today's session high.

In other sector news,

(+) HLX, Narrows Q4 net by 88% to $0.46 per share from $3.83 per share during the same quarter last year. Revenue falls 14% from year-ago levels to $128 mln, missing the $133.9 mln Street call.

(-) TRCH, Completes the first of a two-stage frac originally planned for January in the lower interval of the Wolfcamp formation using 200,000 lbs. of sand.

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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