Sector Update: Energy Stocks Fading Late Thursday Despite Higher Crude Oil Prices

Last Updated: Thursday, July 29, 2021 3:52 PM | MT Newswires

Energy stocks eased from their midday highs, with the NYSE Energy Sector Index climbing 1.1% in late regular-hours trading while the SPDR Energy Select Sector ETF (XLE) was up 0.9%. The Philadelphia Oil-Service Sector index was posting a 0.6% gain this afternoon and the Dow Jones US Utilities Index was ahead 0.3%.

Front-month West Texas Intermediate crude oil was $1.23 higher at $73.62 per barrel while the global benchmark Brent crude contract was advancing $1.35 to $76.09 per barrel. Henry Hub natural gas futures rose $0.09 to $4.06 per 1 million BTU.

In company news, Suncor Energy (SU) fell 3% after the Canadian oil and natural gas company reported Q2 net income of CAD$0.58 per share, reversing a CAD$0.40 per share net loss during the comparable quarter in 2020 but still lagging the Capital IQ consensus expecting a CAD$0.61 per share profit for the three months ended June 30.

Methanex (MEOH) also turned 1.4% lower, giving back an earlier 4.2% advance after the methanol producer reporting adjusted Q2 net income of $1.24 per share compared with its $0.84 per share net loss during the year-ago period, topping the Street view by $0.09 per share. Revenue surged 109% year-over-year to $1.07 billion, beating analysts' expectations for $858.3 million.

Peabody Energy (BTU) shares rose 9.8% after the coal producer Thursday reported a Q2 net loss of $0.28 per share, narrowing from a loss of $15.78 per share a year earlier and beating the average estimate for a loss of $0.62 per share in a Capital IQ poll. Revenue increased 15.4% year-over-year to $723.4 million, exceeding the $687.6 million Street view.

PBF Logistics (PBFX) climbed 3.7% after the refined fuels shipper reported Q2 net income of $0.59 per share on $89.8 million in revenue, topping average analyst estimates of a $0.53 per share profit on $87.1 million in revenue.

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