Energy

Energy Sector Update for 08/05/2020: DNOW,ENLC,OAS,CPE

Energy stocks pared some of their prior Wednesday gains, with the NYSE Energy Sector Index climbing 1.0% in late trade while the SPDR Energy Select Sector ETF was up 0.7%.

Front-month West Texas Intermediate crude oil settled 49 cents higher at $42.19 per barrel in New York while the global benchmark Brent crude contract increased 84 cents to $45.27 per barrel. Henry Hub natural gas futures were littled changed at $2.19 per 1 million BTU.

Stocks moving on news include NOW Inc (DNOW) climbing over 5% after the upstream energy products company reported a non-GAAP Q2 net loss of $0.16 per share, expanding on a $0.09 per share adjusted loss during the same quarter last year and beating the Capital IQ consensus expecting a $0.32 per share loss for the three months ended June 30, excluding one-time items. Revenue fell 5.2% from year-ago levels to $370 million, also topping the $367 million Street view.

EnLink Midstream (ENLC) raced 18% higher after the natural gas gathering and storage company reported Q2 net income of $0.01 per share, reversing a $0.03 loss during the same quarter last year and topping the analyst mean expecting $0.00 per share.

Oasis Petroleum (OAS) was 13% higher after the oil and natural gas company earlier Wednesday reported a surprise Q2 profit of $0.23 per share, excluding one-time items, improving on adjusted net income of $0.03 per share during the year-ago period and beating the Capital IQ consensus looking for a $0.13 per share non-GAAP net loss.

Among decliners, Callon Petroleum Company (CPE) dropped almost 10% after the late Tuesday reporting a Q2 net loss of $3.94 per share, reversing a $0.23 per share profit during the same quarter last year and missing the Capital IQ consensus expecting a $0.02 per share loss. Revenue fell 5.9% year-over-year to $157.2 million, missing the $207.6 million Street view.

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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