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Energy Sector Update for 05/09/2017: EGY,HNRG,SN

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Top Energy Stocks

XOM -0.70%

CVX -1.41%

COP -1.95%

SLB -0.32%

OXY -1.01%

Energy stocks were deep underwater on Tuesday, with the NYSE Energy Sector Index sinking almost 0.8% while shares of energy companies in the S&P 500 were down 0.9% as a group. Crude oil for June delivery was down 48 cents at $45.92 per barrel while June natural gas futures were 7 cents higher at $3.29 per 1 million BTU.

In company news, Vaalco Energy ( EGY ) climbed 21% at one point Tuesday, topping out at $1.15 a share, after the oil and natural gas producer last night blew past analyst estimates with its Q1 sales.

The company generated total oil and gas sales of $21.3 million during the first three months of 2017 after selling around 394,000 net barrels of oil at an average of $51.99 per barrel and surpassing expectations for just $11 million in Q1 sales. The company sold 381,000 net barrels during the same quarter last year at an average price of $27.07 per barrel.

Vaalco earned $0.07 during Q1, lagging the single-analyst estimate by $0.03 per share.

In other sector news,

(+) HNRG, (+11.4%) Reports Q1 net income of $0.25 per share on $63.6 mln in revenue, improving on $0.21 per share profit during year-ago period despite a % decline in revenue from $75.9 mln during year-ago period.

(-) SN, (-8.1%) Posts Q1 net loss of $0.18 per share, a penny narrower than the Capital IQ consensus. Revenue rises 67.7% over year-ago levels to $133.8 mln, also beating the $128.68 Street view.

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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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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