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Energy Sector Update for 06/13/2017: LNG,SOI,PKD,HAL

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Top Energy Stocks

XOM -0.19%

CVX -0.21%

COP +1.51%

SLB -0.22%

OXY +0.03%

Energy stocks were ending near their session highs, with the NYSE Energy Sector Index Tuesday rising 0.8% while shares of energy companies in the S&P 500 were up 0.5% as a group. Crude oil for July delivery settled 38 cents higher at $46.46 per barrel while July natural gas futures fell 6 cents to $2.97 per 1 million BTU.

In company news, Cheniere Energy ( LNG ) was down almost 2%, trading near its session low of $48.28 a share shortly before Tuesday's closing bell after analysts at Morgan Stanley today lowered their investment call for the liquefied natural gas producer to Equal-Weight from Overweight.

The downgrade follows the company earlier this month reaching several regulatory and financial milestones for its 200-mile Midship interstate natural gas pipeline project linking the Anadarko Basin in Oklahoma and Texas to liquefied natural gas facilities along the U.S. Gulf Coast.

In other sector news,

(+) SOI, Reports Q1 GAAP profit of $4.8 mln, reversing a $127,000 net loss during the same quarter last year. Revenue grew 228% over year-ago levels to $10.4 mln. No analyst estimates were available for comparison.

(-) PKD, CFO Christopher Weber leaves to become executive vice president and chief financial officer at Halliburton ( HAL ), effective June 21.

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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