Markets

Energy Stocks Paring Early Losses; Seadrill Target Price Cut at Cowen & Co. After Q3 EPS Miss

Top Energy Stocks

XOM -0.48%

CVX -0.23%

COP -0.33%

SLB -1.72%

OXY -2.42%

Energy stocks are narrowing their losses slightly in late trade with the NYSE Energy Sector Index sinking 0.6% while shares of energy companies in the S&P 500 are falling 0.7% shortly before the close. Crude oil for January delivery settled $1.38 lower at $92.30 per barrel while January natural gas rose 3 cents to finish at $3.90 per 1 million BTU.

In company news, Offshore drilling contractor Seadrill Ltd. ( SDRL ) is holding above its session lows in late trade after analysts at Cowen & Co. reduced their price target for the stock by $2 to $41 a share.

Cowen kept its Market Perform investment rating on the stock. The move follows SDRL earlier this week reporting Q1 earning of $0.61 per share, trailing the Capital IQ consensus by $0.07 per share. Revenue was little changed from year-ago levels at $1.27 million, topping analyst estimates by around $70 million.

At last look, SDRL shares were down 0.5% at $42.75 each, tacking on more distance from its intra-day low of $42.38.

In other sector news,

(+) NS, CEO Curt Anastasio announces plans to retire from the pipeline firm on Dec. 31. Executive vice president and general counsel Brad Barron named to succeed Anastasio.

(-) LIME, Energy-services firm fires CEO John O'Rourke and promotes Chief Operating Officer Adam Procell as his replacement. O'Rourke remains a LIME board member and is standing for re-election at the company's Dec. 3 annual meeting.

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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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