Sector Update: Energy Stocks Retreat Amid Steep Slide in Natural Gas Futures

Last Updated: Friday, July 30, 2021 3:40 PM | MT Newswires

Energy stocks trimmed a slim portion of their prior declines this afternoon, with the NYSE Energy Sector Index falling 1.6% while the SPDR Energy Select Sector ETF (XLE) was down 1.8%. The Philadelphia Oil-Service Sector index was posting a 3.1% decline and the Dow Jones US Utilities Index was slipping 0.6%.

Front-month West Texas Intermediate crude oil was $0.33 higher at $73.95 per barrel while the global benchmark Brent crude contract was advancing $0.28 to $76.33 per barrel. Henry Hub natural gas futures plunged $0.15 to $3.91 per 1 million BTU.

In company news, Azure Power Global (AZRE) was nearly 1% higher late in Friday trading after OMERS Infrastructure said it has purchased a 19.4% equity stake in the Indian solar-energy utility company, paying $219 million to acquire the stock from International Finance Corp and IFC GIF Investment Co.

Linde (LIN) rose 2.7% after reporting non-GAAP Q2 net income of $2.70 per share, improving on a $1.90 per share adjusted profit during the same quarter last year, while revenue increased 18.8% year-over-year to $7.58 billion. Analysts, on average, had been expecting Linde to earn $2.53 per share, excluding one-time items, on $7.38 billion in revenue. The the industrial gases company also raised its forecast for non-GAAP FY21 EPS by $0.50 to a new range of $10.10 to $10.30 per share. The Street is at $10.04 per share.

Among decliners, Chevron (CVX) declined almost 1%, giving back an early advance that followed the energy major reporting non-GAAP Q2 net income of $1.71 per share, reversing from $1.56 loss per share during the same quarter last year and beating the Capital IQ consensus by $0.11 per share. Revenue rose 179% year-over-year to $37.6 billion, also exceeding the $35.98 billion estimate.

Mammoth Energy Services (TUSK) tumbled nearly 14% after Friday reporting a Q2 net loss of $0.75 per share, more than doubling its $0.33 per share net loss during the year-ago quarter, while revenue declined 21.1% year-over-year to $47.4 million. Analyst estimates were not available.

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