Markets

Energy Sector Update for 11/08/2017: XCO,DCP,TOPS

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Top Energy Stocks

XOM -0.32%

CVX -0.83%

COP +0.05%

SLB +1.13%

OXY -0.95%

Energy stocks fell this afternoon, with the NYSE Energy Sector Index falling over 0.4% while shares of energy companies in the S&P 500 were down almost 0.6% as a group. Crude oil for December delivery settled 39 cents lower at $56.81 per barrel while December natural gas futures rose 2 cents to $3.18 per 1 million BTU.

In company news, EXCO Resources ( XCO ) fell to a record low on Wednesday, losing just under half of its former value as the oil and natural gas producer's stock dropped to a worst-ever 77 cents a share, after last night reporting a steep adjusted Q3 net loss and net sales slipping nearly 14% compared with year-ago levels.

Excluding one-time items, the company's adjusted net loss widened to $0.91 per share during the three months ended Sept. 30 from a $0.31 per share non-GAAP loss last year and missing the single-analyst estimate expecting a $0.33 per share adjusted net loss by a wide margin. Net sales declined to $66.74 million from $77.19 million during the same quarter last year. No analyst estimate was available for Q3 revenue.

In other sector news,

(+) DCP, Reports Q3 net loss of $0.41 per unit, reversing a $0.78 per unit profit during year-ago period and missing the Capital IQ consenus expecting a $0.24 per share profit. Revenue rises to $1.94 bln from $1.65 bln during year-ago period, narrowly lagging with the $1.99 bln Street view.

(-) TOPS, Discloses plans to sell $25 mln of its common stock to Crede CG II over the next 24 months, according to a regulatory filing late yesterday. Company also issues $500,000 of its shares to Crede as a commitment fee for entering into the purchase agreement.

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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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TOPS DCP

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