Energy Sector Update for 12/14/2015: BAS,OII,AMID
Top Energy Stocks
Energy stocks were extending their recent gains following a reversal for crude oil prices , with the NYSE Energy Sector Index rising nearly 0.5% while shares of energy companies in the S&P 500 were up more than 0.8% as a group. Crude oil for January delivery was up 96 cents at $36.58 per barrel while January natural gas futures were 11 cents lower at $1.88 per 1 million BTU.
In company news, shares of Basic Energy Services ( BAS ) declined to an all-time low on Monday after the oilfield-services company today reiterated its recent guidance forecasting a drop in Q4 revenue of 13% to 15% compared with the preceding quarter.
Well servicing rig utilization rates also continued to decline during November to 37,600 hours, or about 39% the company said, down from 44% from October levels and 67% from year-ago levels. Drill rig utilization was 16% last month, edging up from a 13% pace in October but was down 83% from November 2014.
BAS shares were down nearly 13% at $2.48, staying within close range of its new record low of $2.40 a share.
In other sector news,
(-) OII, (-0.6%) Cut to Sector Perform from Sector Outperform at Scotia Howard Weil.
(-) AMID, (-16.2%) Executive board chairman and CEO Steve Bergstrom retires but wil remain a board member. Names former Enable Midstream Partners LP Chief Executive Lynn Bourdon to be CEO and board chairman.
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