Energy Sector Update for 11/12/2019: CLMT,CLNE,SYPR

Top Energy Stocks

XOM -0.93%

CVX +0.31%

COP -0.35%

SLB +0.98%

OXY -0.93%

Energy stocks were little changed this afternoon, with the NYSE Energy Sector Index falling 0.2% while shares of energy companies in the S&P 500 were down 0.3% as a group. West Texas Intermediate crude oil for December delivery was up 6 cents to $56.92 per barrel in New York while the global benchmark Brent crude January contract was falling 4 cents to $62.14 per barrel. December natural gas futures were unchanged at $2.64 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 0.5% while the United States Natural Gas fund was unchanged. The Philadelphia Oil Service Sector index was declining fractionally.

Among energy stocks moving on news:

(+) Calumet Specialty Products Partners (CLMT) rose 5% after Tuesday reporting a surprise non-GAAP Q3 profit and sales topping analyst estimates. Excluding one-time items, it earned $0.09 per unit, reversing a $0.17 per unit adjusted net loss during the year-ago period and exceeding the Capital IQ consensus expecting a non-GAAP net loss of $0.06 per share for the three months ended Sept. 30. Revenue declined 2.5% compared with the same quarter last year to $929.6 million but still beat the $713.2 million Street view.

In other sector news:

(-) Clean Energy Fuels (CLNE) fell over 2% after the compressed and liquefied natural gas seller missed Wall Street expectations with its Q3 financial results. It reported a non-GAAP net loss of $0.02 per share during the three months ended Sept. 30, trailing the Capital IQ consensus looking for a $0.01 per share non-GAAP profit. Revenue declined 3.8% year-over-year to $74.4 million, which includes an unrealized $1.1 million gain on commodity swap and customer fueling contracts, also trailing the $78.3 million analyst mean.

(-) Sypris Solutions (SYPR) plunged 21% after the pipeline and truck components company reported a Q3 net loss of $0.07 per share, improving on a $0.11 per share loss during the same quarter last year but missing the single analyst estimate of a $0.05 per share quarterly profit, according to Capital IQ. Revenue increased 5.5% compared with the year-ago quarter to $22.3 million but also trailed the $25.95 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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