Top Energy Stocks
Energy stocks turned mixed this afternoon, with the NYSE Energy Sector Index climbing nearly 0.1% while shares of energy companies in the S&P 500 were down almost 0.3% as a group. West Texas Intermediate crude oil for May delivery settled 29 cents lower at $63.76 per barrel, reversing a small morning advance, while the global benchmark Brent crude June contract declined 13 cents to $71.59 per barrel. May natural gas futures fell 6 to $2.52 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling over 0.7% while the United States Natural Gas fund dropped nearly 2.4%. The Philadelphia Oil Service Sector index was slipping less than 0.1% just before the close.
Among energy stocks moving on news:
(+) American Electric Technologies (AETI) was edging higher in late trade, reversing a small decline earlier Wednesday, after reporting its FY18 financial results, including a net loss of nearly $2.6 million for the 12 months ended Dec. 31 compared with a $2.2 million net loss during the prior=year period. Revenue for the oilfield services company grew to $7.6 million from $5.7 million in 2017. Per-share earnings and analyst estimates were not available.
In other sector news:
(+) Equinor (EQNR) climbed almost 2% the Norwegian energy major submitted the winning bids for five offshore exploration blocks near Argentina as operator in addition to participating in two other winning bids with YPF and Total (TOT), respectively.
(+) BP (BP) was narrowly higher after saying it was more than doubling its onshore upstream spending in the United States, raising it to a range of $2 billion to $2.5 billion this year from $1 billion last year, according to an Argus Media report, citing a company official.
(-) Navios Maritime Acquisition Corp (NNA) fell 9% on Wednesday after saying it has completed a $103.2 million sale and leaseback transaction for three MR2 product tankers along with two LR1 product tankers. Net proceeds from the transactions were used to refinance around $82.4 million of bank debt and Navios will be required to repurchase the five vessels in seven years for $39.7 million.
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