Markets

Sector Update: Energy Stocks Mixed Friday as Rise in Crude Oil Prices Offset Broader Market Declines

Top Energy Stocks

XOM -0.46%

CVX +0.32%

COP +0.66%

SLB +0.26%

OXY +0.11%

Energy stocks were mixed Friday with the NYSE Energy Sector Index sinking about 1.0% while shares of energy companies in the S&P 500 were holding on to a 0.4% rise as a group. Crude oil for September delivery was up $1.10 at $96.68 per barrel while September natural gas was down 11 cents to $3.80 per 1 million BTU.

In company news, shares of Ultrapetrol Ltd. ( ULTR ) slid Friday after the oil tanker firm reported declines in Q2 earnings and revenue compared with year-ago levels, also missing analyst expectations for the three months ended June 30.

The company earned $2.8 million, or $0.02 per share, during the quarter, down from $13.5 million in GAAP net income last year.

Excluding one-time costs - such as a $300,000 loss on deferred taxes on unrealized foreign exchange gains and a $100,000 deferred gain from the sale-leaseback of barges - ULTR reported Q2 adjusted net income of $2.9 million, or $0.02 per share, down from a $13.5 million profit during the same quarter last year and lagging the Capital IQ consensus by $0.05 per share.

Revenue declined 18.4% year over year to $99.4 million, trailing analyst estimates by around $33.19 million.

ULTR shares recently were down about 6.3% at $3.26 each, giving back an earlier stay in positive territory and slipping to a session low of $3.31 a share.

In other sector news,

(+) UPL, (+3.1%) Raised to Buy from Neutral at UBS.

(-) PARR, (-0.1%) Completes fully subscribed stock rights offering of 6.36 mln shares of common stock. Wins one-year, $163.95 mln contract award by the Defense Logistics Agency Energy to supply 3,500 barrels daily of aviation turbine fuel in Hawaii.

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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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