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TTI

Energy Sector Update for 05/09/2016: ATW,KOS,TTI

Top Energy Stocks

XOM -0.14%

CVX -1.30%

COP -2.60%

SLB -3.29%

OXY -0.69%

Energy stocks have pared some of their worst declines but were still ending sharply lower today, with the NYSE Energy Sector Index sinking about 1.6% while shares of energy companies in the S&P 500 also were down 1.3% as a group. Crude oil for June delivery settled $1.22 lower at $43.44 per barrel while June natural gas futures finished little changed at $2.10 per 1 million BTU.

In company news, Atwood Oceanics ( ATW ) slumped after a downgrade of the oilfield-services company to Hold from Buy at Jefferies, citing valuation as well as the recent slide in crude oil prices .

But the Jefferies analysts raised their price target for the company's stock by $3 to $12 a share, writing in a new research note that they believe the stock's recent price gains have likely played themselves out.

ATW shares were down nearly 12% at $10.15 each, dropping as low as $10.06 a share earlier today.

In other sector news,

(-) KOS, Reports "significant" natural gas discovery by its Teranga-1 exploration well offshore Senegal. Also reports $0.04 per share Q1 net loss, beating Street by $0.03. Revenue falls 53.2% to $62.1 mln compared with $109.8 mln consensus.

(-) TTI, Adjusted Q1 net loss of $0.24 per share misses by $0.07 per share. Revenue falls 32.2% to $169.2 mln, well under the $205.17 mln Street view.

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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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