Top Energy Stocks
Energy stocks continued to add to prior declines this afternoon, with the NYSE Energy Sector Index falling almost 1.9% while shares of energy companies in the S&P 500 were down over 1.5% as a group. West Texas Intermediate crude oil for June delivery settled 41 cents lower at $65.89 per barrel in New York while the global benchmark Brent crude June contract finished unchanged at $74.51 per barrel. May natural gas futures rose 1 cent to $2.46 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 0.7% while the United States Natural Gas fund was dropping slightly just under 0.1%. The Philadelphia Oil Service Sector index was down nearly 3.2% in late trade.
Among energy stocks moving on news:
(-) RPC (RES) slumped Wednesday, sinking more than 18% after the oilfield equipment company reported Q1 earnings of $0.00 per share, missing the Capital IQ consensus expecting a $0.04 per share profit, while total revenue fell 23.3% year over year to $334.7 million, lagging the Street view by $17.3 million. It also halved its quarterly dividend compared with its most recent distribution, scheduling a $0.05 per share payment on June 10 to investors of record on May 10.
In other sector news:
(+) Anadarko Petroleum (APC) was surging this afternoon, rising 12%, after Occidental Petroleum (OXY) topped Chevron's (CVX) buyout proposal by 16.9%, offering $76 per share in cash and stock for the rival energy producer. Under terms of the $57 billion offer, Anadarko investors will receive $38 in cash and 0.6094 of an Occidental share for each of their shares. Chevron made a $65-per-share bid for Anadarko on April 12.
(-) Navios Maritime Partners LP (NMM) was near flat this afternoon, reversing an earlier decline. The tanker company Wednesday declared a cash distribution of $0.02 per equity unit for the quarter ended March 31, unchanged from its most recent payout to investors and payable May 14 to unit-holders of record on May 10.
(-) Cenovus Energy (CVE) declined Wednesday, falling 3%, after the Canadian oil and natural gas producer reported core Q1 net income of CAD0.06 per share, reversing a CAD0.61 per share net loss during the year-ago period but missing the Capital IQ consensus expecting CAD0.25 per share for the three months ended March 31.
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