Markets

Energy Sector Update for 08/11/2017: ANW,FELP,SDPI

Top Energy Stocks

XOM -0.63%

CVX -0.36%

COP -0.24%

SLB -0.45%

OXY -0.26%

Energy stocks were moderately lower following two previous days of steeper declines. At last look, the NYSE Energy Sector Index was down just over 0.4% while shares of energy companies in the S&P 500 were down about 0.5% as a group. Crude oil for September delivery was down 10 cents at $48.49 per barrel while September natural gas futures were little changed at $2.99 per 1 million BTU.

In company news, Aegean Marine Petroleum Network ( ANW ) was in rally mode on Friday, with the marine fuel supplier overcoming lower-than-expected Q2 net income last night by also reporting a large jump in quarterly revenue compared with the same quarter last year, exceeding analyst forecasts.

Net income during the three months ended June 30 fell to $0.04 per share from $0.32 per share during the year-ago period, lagging the Capital IQ consensus by $0.02 per share. But revenue increased by 45.8% over last-year levels to $1.44 billion, beating the Street view by around $150 million.

Sales volume for the quarter totaled 4.47 million metric tons, up 9.3% over the same quarter last year and rising 0.5% over the first three months of 2017.

In other sector news,

(+) FELP, (+17.7%) Narrows Q2 net loss to $0.12 per share compared with $0.21 per share during year-ago period, missing the two-analyst mean expecting a $0.03 per share net loss. Revenue fell 3.3% from the Same quarter last year, also lagging the $228.4 mln two-analyst consensus.

(-) SDPI, (-9.8%) Expects more than five-fold increase in Q2 revenue over last year to $3.7 mln to $4.0 mln, straddling the $3.8 mln Street view. Also raises FY17 revenue outlook to $14 mln to $16 mln - up from between $12 mln to $13 mln. Street is at $14.8 mln.

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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