Top Energy Stocks
Energy stocks were narrowly lower, with the NYSE Energy Sector Index falling nearly 0.3% while shares of energy companies in the S&P 500 also were down almost 0.3% as a group. West Texas Intermediate crude oil for May delivery was slipping 15 cents to $63.61 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude June contract was advancing 2 cents to $71.64 per barrel. May natural gas futures were 1 cent lower at $2.50 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was edging 0.2% higher while the United States Natural Gas fund was dropping 0.4%. The Philadelphia Oil Service Sector index was down 0.6%.
Among energy stocks moving on news:
(+) Eagle Materials Inc (EXP) rose 8% after saying it has begun a strategic review of its oil and gas proppants and heavy and light materials businesses, including separating those businesses and evaluating potential transactions along with other alternatives. It also said it is expecting to report adjusted fiscal Q4 net income in a range of $0.85 per share to $0.89 per share on between $283 million to $285 million in revenue. The Street is at $0.80 per share on $279 million in revenue.
In other sector news:
(+) ConocoPhillips (COP) was fractionally higher on Thursday after the energy major said it was selling two of its UK assets to Chrysaor E&P Ltd for $2.675 billion, plus interest and customary adjustments. The two subsidiaries indirectly hold most of Conoco's British exploration and production assets and contained around 99 million barrels of oil equivalent in proved reserves on Dec. 31.
(-) Schlumberger (SLB) turned over 3% lower this afternoon, giving back a more than 3% advance earlier Thursday. The oilfield-services giant reported a drop in its non-GAAP Q1 net income to $0.30 per share from $0.38 during the quarter last year but still matching the Capital IQ consensus.
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