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DRQ

Energy Sector Update for 05/01/2017: DRQ,ARLP

Top Energy Stocks

XOM +0.60%

CVX -0.48%

COP -0.69%

SLB -0.22%

OXY -1.19%

Energy stocks remain narrowly lower this afternoon, with the NYSE Energy Sector Index falling about 0.2% while shares of energy companies in the S&P 500 were down about 0.1% as a group.

In company news, Dril-Quip ( DRQ ) declined Monday, dropping nearly 3% in late trade, after analysts at Barclay's today reduced their investment rating for the oil-field and drilling equipment company to Equal Weight from Overweight and also slashed their price target for the company's stock by $20 - or almost 26% -to $57 a share.

The downgrade follows Dril-Quip late last week week reporting above-consensus Q1 financial results compared with analyst estimates, reporting adjusted net income of $0.05 per share on $119.2 million in revenue. Analysts, on average, had been expecting a $0.01 per share Q1 profit on $97.6 million in revenue.

In other sector news,

(+) ARLP, Q1 EPS of $1.10 exceeds Street view by $0.29 per share. Revenue climbs 11.7% to $461.08 mln, also topping $455.55 mln two-analyst consensus. Raises FY17 revenue guidance to new range of $1.78 bln to $1.82 bln from $1.71 bln to $7.78 bln previously, compared with $1.8 bln consensus.

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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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