Energy Sector Update for 11/09/2018: TCP,HUSA,BRS
Top Energy Stocks
Energy stocks were ending mixed Friday afternoon, paring their prior declines after crude oil slowed its slide and settled back above $60 per barrel after intra-day slipping below that threshold. At last look, the NYSE Energy Sector Index fell over 0.3% while shares of energy companies in the S&P 500 were up about 0.1% as a group in late trade. West Texas Intermediate crude oil for December delivery settled 48 cents lower at $60.19 per barrel while the global benchmark Brent crude January contract declined 42 cents to $70.23 per barrel. December natural gas futures soared again, rising 18 cents - or nearly 5% - to $3.72 per 1 million BTU. Among energy-related ETFs, United States Oil dropped almost 0.6% while United States Natural Gas raced over 4.7% higher. The Philadelphia Oil Service Sector index was down almost 0.8% today.
Among energy stocks moving on news:
(+) TC PipeLines ( TCP ) was more than 4% higher in late Friday trading, staying within close range of its session high after the energy infrastructure company reporting Q3 financial results exceeding Wall Street forecasts. The company earned $0.79 per share during the July-to-September quarter, up from $0.61 per share during the same quarter last year and surpassing the Capital IQ consensus by $0.01 per share. Revenue rose 7.9% year over year to $137 million from $127 million last year and also beating the $134 million analyst mean.
In other sector news
(+) Houston American Energy ( HUSA ) was fractionally higher Friday afternoon, rising less than 1.0%, after saying the unanticipated issues that delayed drilling at the company's San Andres prospect have now been resolved and it expects to begin drilling its first well before the end of the year. Houston American believes the prospect could eventually be developed with six more horizontal wells in addition to the initial 4,620-foot horizontal exploration well targeting the San Andres Formation.
(-) Bristow Group ( BRS ) dropped to a 16-month low on Friday, falling 25% to $7.53 a share earlier in the session after its fiscal Q2 net loss more than doubled compared with year-ago level and also missing analyst projections. The company's net loss fell to $0.78 per share during the three months ended Sept. 30 compared with a $0.33 per share loss last year and also missing the Capital IQ consensus expecting a normalized net loss of $0.54 per share.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.