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Energy Sector Update for 03/01/2019: JAG,TRP,TRP.TO,EMR,BAS

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Energy stocks eased somewhat this afternoon, with the NYSE Energy Sector Index climbing over 0.5% while shares of energy companies in the S&P 500 were ahead almost 1.2% as a group. West Texas Intermediate crude oil for April delivery settled $1.42 lower at $55.57 per barrel in New York, paring some of its earlier losses, while the global benchmark Brent crude May contract declined $1.38 to $64.93 per barrel. April natural gas futures added 5 cents to finish at $2.86 per 1 million BTU. Among energy-related ETFs, the United States Oil fund fell over 2.5% while the United States Natural Gas fund gained nearly 1.4%. The Philadelphia Oil Service Sector index also was up almost 1.4%.

Among energy stocks moving on news:

(+) Jagged Peak Energy ( JAG ) was 8% higher in late Friday trading after the oil and natural gas producer reported GAAP net income of $0.87 per share, improving on a $0.06 per share profit during the final three months in 2017 and easily beating the $0.15 per share analyst mean.

In other sector news:

(+) Emerson ( EMR ) was fractionally higher Friday after saying it has opened a new $4 million service center bringing enhanced oil and natural gas technologies to the Permian Basin in Texas and New Mexico. The 16,000-square-foot facility also provides local access to the company's portfolio of "smart" field devices and instrumentation as well as other control systems and enterprise management software.

(-) TransCanada Corp ( TRP ) was posting a small decline on Friday after the Federal Energy Regulatory Commission approved the company's plans to fully open the Mountaineer XPress pipeline, allowing the company to increase the flow of gas on that pipeline and begin operating its GulfXPress project.

(-) Basic Energy Services ( BAS ) added 2% after recording a Q4 net loss of $1.76 per share, expanding on a $0.78 per share loss during the year-ago period and also missing the Capital IQ consensus expecting a net loss of $1.67 per share.

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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