Markets

Energy Sector Update for 11/09/2016: WLB,FELP,EVEP

Top Energy Stocks

XOM +0.46%

CVX +0.07%

COP +2.53%

SLB -0.01%

OXY -0.85%

Energy stocks were higher today, with the NYSE Energy Sector Index rising nearly 1.3% while shares of energy companies in the S&P 500 were up about 1.2% as a group. Crude oil for December delivery was up 75 cents at $45.73 per barrel while December natural gas futures were little changed at $2.63 per 1 million BTU.

In company news, Westmoreland Coal ( WLB ) rose to a fresh 13-month high on Wednesday after analysts at FBR & Co. ( WLB ) raised the price target for the coal miner's stock by $4 to $16 a share while reiterating their outperform rating.

WLB shares were up over 17% at $14.96 each, previously topping out today at their best price since October 2015 at $14.99 a share.

In other sector news,

(+) FELP, (+25.7%) Q3 revenue declines 9% from year-ago levels to $230.8 mln, topping the analyst mean by $12.3 mln. Also records net loss of $0.19 per share, coming in wider than the Capital IQ consensus.

(-) EVEP, (-14.3%) Reports GAAP Q3 net loss of $0.38 per share, missing the Capital IQ consensus by $0.12 per share. Revenue climbs 34.1% over year-ago levels to $51.4 mln, lagging the $60.6 mln single-analyst estimate.

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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