Credit: Shutterstock photoTop Energy Stocks
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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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
