Markets
EGY

Energy Sector Update for 03/17/2016: PBR,ENBL,EGY

Top Energy Stocks

XOM +1.7%

CVX +1.8%

COP +3.0%

SLB +2.1%

OXY +2.2%

Energy stocks were ending with large gains, with the NYSE Energy Sector Index rising 1.8% while shares of energy companies in the S&P 500 were up about 1.6% as a group. Crude oil for April delivery (CLJ16.NYM) settled $1.75 higher at $40.20 per barrel.

In company news, American depository shares of Petroleo Brazileiro SA ( PBR ), the state-controlled Brazilian energy company, surged Thursday after it disclosed plans to cut around 12,000 jobs, paring its its workforce by as much as 15% through a voluntary layoff program.

The stock likely is also picking up support with the rising Brazilian real on speculation that President Dilma Rousseff could soon be impeached. A federal judge issued an injunction keeping Rousseff from appointing former President Luiz Inacio Lula da Silva to her cabinet, with Reuters reporting that the judge believed the former president would interfere with ongoing probes into alleged money laundering by government officials - possibly through their involvement with Petrobras.

PBR ADS were up more than 10% at $5.65 apiece, easing from a prior session high of $5.74 per ADS.

In other sector news,

(+) ENBL, Raised to Outperform from Neutral at Credit Suisse.

(-) EGY, Reports wider-than-expected $0.23 per share Q4 net loss on $17.5 mln in revenue. Analysts, on average, were expecting a $0.12 per share loss on $18.6 mln in revenue.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

EGY ENBL PBR

Other Topics

Energy