Energy Sector Update for 05/07/2019: CDEV,DNR,PXD

Top Energy Stocks

XOM -0.88%

CVX -0.82%

COP -1.77%

SLB -2.01%

OXY +0.45%

Energy stocks were sharply lower on Tuesday, with the NYSE Energy Sector Index falling more than 1.6% while shares of energy companies in the S&P 500 were down over 1.4% as a group. West Texas Intermediate crude oil for June delivery was slipping 61 cents to $61.64 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude July contract was declining 78 cents to $70.46 per barrel. June natural gas futures were 3 cents higher at $2.55 per 1 million BTU. Among energy-related ETFs, the United States Oil fund was falling nearly 2.0% while the United States Natural Gas fund was rising more than 0.7%. The Philadelphia Oil Service Sector index was up over 2.1%.

Among energy stocks moving on news:

(-) Centennial Resource Development (CDEV) dropped 7% after reporting a surprise Q1 net loss of $0.03 per share, missing Wall Street expectations looking for GAAP net income of $0.04 per share. Total oil and natural gas revenue slipped 1% to $214.6 million compared with $215.9 million during the same quarter last year.

In other sector news:

(-) Denbury Resources (DNR) slid 4.6% on Tuesday after reporting a 13.5% drop in Q1 revenue during its three months ended March 31, falling to $305.5 million from $353.2 million last year and missing the Capital IQ consensus expecting $314.5 million. Excluding one-time items, its net income declined to $0.10 per share from $0.12 per share during the same quarter last year and matching the analyst median.

(-) Pioneer Natural Resources (PXD) dropped almost 8% after the oil and natural gas producer late Monday reported better-than-expected Q1 financial results, rising to $1.83 per share during the three months ended March 31 on $2.41 billion in revenue. The Street was expecting Pioneer to earn $1.65 per share, excluding one-time items, on $2.19 billion in revenue.

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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