Energy Sector Update for 08/09/2018: UPL,LNG,PEGI,XOM

Top Energy Stocks

XOM -0.49%

CVX -1.05%

COP +0.70%

SLB -1.60%

OXY -4.14%

Energy stocks retreated this afternoon, with the NYSE Energy Sector Index Thursday falling over 0.9% while shares of energy companies in the S&P 500 were down almost 0.9% as a group. West Texas Intermediate crude oil for September delivery settled 13 cents lower at $66.81 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declined 22 cents to $72.06 per barrel. September natural gas futures rose 1 cent to $2.96 per 1 million BTU. Among energy-related ETFs, United States Oil fell just over 0.1% while United States Natural Gas added more than 0.3%. The Philadelphia Oil Service Sector index dropped over 2.0% today.

Among energy stocks moving on news:

- Ultra Petroleum ( UPL ) plunged to a record low on Thursday, sinking more than 36% to a worst-ever $1.08 a share after the exploration and production company saw its adjusted Q2 net income and revenue dropping from year-ago levels and trailing Wall Street expectations. Excluding one-time items, Ultra earned $0.17 per share during the three months ended June 30, down from $0.28 per share during the same quarter last year and lagging the Capital IQ consensus by $0.04 per share. Total operating revenues fell to $190.1 million from $212.7 million in the year-ago period, also lagging the $202.8-million consensus. Also weighing on the stock today was the company lowering its FY18 production forecast.

In other sector news

+ Cheniere Energy ( LNG ) was hanging on to a nearly 5% advance late in Thursday trading, drifting only slightly off its session high that followed the liquified natural gas infrastructure company narrowing its Q2 net loss by over 94% compared with year-ago levels and revenue rising 24.2% year over year. Net loss for the three months ended June 30 was $0.07 per share, improving on a $1.23 per share loss during the prior-year period, while revenue rose to $1.54 billion from $1.24 billion last year. Analysts, on average, had been expecting a $0.26 per share profit on $1.64 billion in revenue, if comparable.

- Exxon Mobil ( XOM ) was edging lower Thursday following reports the energy major has been talking with several refiners in Asia about possible long-term contracts for exports of light, sweet crude from the Permian Basin as early as this year, Bloomberg News reported, citing sources.

- Pattern Energy ( PEGI ) has turned negative in Thursday afternoon trade, reversing a more than 3% gain previously in the session that followed the oil and natural gas producer posting Q2 net income exceeding analyst expectations. Pattern earned $0.34 per share during the April-to-June reporting period, more than doubling its $0.16 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.20 per share. But likely weighing on the stock in more recent trade was an increase in Q2 revenue to $139.9 million from $107.8 million last year, trailing the $141.2 million analyst mean.

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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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