Energy Sector Update for 08/08/2018: PVAC,VEDL,PE

Top Energy Stocks

XOM -0.98%

CVX -1.19%

COP -2.59%

SLB -0.69%

OXY -1.24%

Energy stocks were sharply lower Wednesday afternoon, with the NYSE Energy Sector Index falling almost 1.2% while shares of energy companies in the S&P 500 were down nearly 1.1% as a group. West Texas Intermediate crude oil for September delivery was dropping $2.70, or almost 4%, to $66.47 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declining $2.70 cents to $71.95 per barrel. September natural gas futures were 5 cents higher at $2.95 per 1 million BTU. Among energy-related ETFs, United States Oil was dropping just over 3.8% while United States Natural Gas was rising about 1.6%. The Philadelphia Oil Service Sector index was down almost 1.1%.

Among energy stocks moving on news:

+ Penn Virginia Corp ( PVAC ) was lower Wednesday, reversing a nearly 2% morning advance that followed the oil and natural gas producer reporting adjusted Q2 net income and revenue topping analyst estimates. Excluding one-time items, it earned $2.46 per share, improving on a $0.66 per share non-GAAP profit during the year-ago period and handily beating the Capital IQ consensus by $0.21 per share. Total revenue rose to $111.6 million over $77.2 million during the same quarter last year and also exceeding the $105.3 million analyst mean.

In other sector news

- Vedanta ( VEDL ) was more than 3% lower Wednesday afternoon following reports the Indian natural resources company could secure as many as 40 oil and natural gas exploration blocks in India's first-ever acreage auction. In addition to Vedanta likely submitting the winning bid for 40 of the available 55 properties, sources told Bloomberg News. They said that Oil India may secure six of the exploration blocks through the auction while Oil and Natural Gas could secure another two or three properties while Hindustan is likely to walk away with one block.

- Parsley Energy ( PE ) was falling Wednesday, sinking over 6% in recent trading, despite posting Q2 revenue exceeding Wall Street expectations and net income matching analyst estimates. Excluding one-time items, the oil and natural gas producer earned $0.39 per share during the April-to-June reporting period on $467.8 million in revenue, or more than double its $213.7 million in revenue last year and breezing past the Capital IQ consensus expecting $432.3 million in quarterly revenue.

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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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