Energy Sector Update for 07/29/2020: PATI,EPD,NMM

Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing 0.9% while the SPDR Energy Select Sector ETF was up 0.8%.

Front-month West Texas Intermediate crude oil was rising 24 cents to $41.28 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude contract was advancing 47 cents to $43.69 per barrel. Henry Hub natural gas futures were 7 cents higher at $1.87 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund was ahead 0.6% while the United States Natural Gas fund was increasing 3.4%. The Philadelphia Oil Service Sector index also was posting a 1.3% gain.

Stocks moving on news include Patriot Transportation (PATI), rising 11%, after the petroleum hauler reported net income of $0.17 per share for its fiscal Q3 ended June 30, improving on $0.12 per share during the same quarter last year despite transportation revenues excluding fuel surcharges falling to $18 million from $24.9 million during the year-ago period. Analyst estimates were not available.

Enterprise Products Partners (EPD) climbed 1.6% after the energy midstream services company reported Q2 net income of $0.47 per unit, slipping from a $0.55 per unit profit during the same quarter last year although that still beat the Capital IQ consensus by $0.01 per share. Revenue fell 30.6% year-over-year to $5.75 billion but also topped the $7.52 billion analyst mean.

Navios Maritime Partners (NMM) fell nearly 18% after Wednesday reporting an adjusted Q2 net loss of $0.71 per unit, expanding on a $0.13 per unit non-GAAP loss during the year-ago period and trailing the two-analyst consensus call expecting a $0.46 per unit net loss for the shipper during the three months ended June 30. Revenue declined 2.5% to $46.5 million.

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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