Energy stocks were ending lower this afternoon, with the NYSE Energy Sector Index sliding 0.6% while the SPDR Energy Select Sector ETF was down 1.9%.
Front-month West Texas Intermediate crude oil settled 31 cents higher at $63.53 per barrel while the global benchmark Brent crude contract was falling 22 cents to $66.82 per barrel. Henry Hub natural gas futures declined 2 cents to $2.78 per 1 million BTU.
In company news, PDC Energy (PDCE) rose as much as 16% on Wednesday, reaching a 22-month high of $39.08 a share, after reporting improved Q4 earnings topping Wall Street expectations and announcing plans to return more than $120 million to investors this year by restarting its stock buyback and dividend programs. Excluding one-time items, it earned $1.10 per share, up from $0.60 per share during the year-ago quarter and beating the Capital IQ consensus looking for an $0.89 per share adjusted profit.
Tenaris SA (TS) climbed more than 16% after late Wednesday reporting a surprise Q4 profit of $0.18 per American depositary share, down from $0.26 per share during the same quarter in 2019 but still exceeding the Capital IQ consensus expecting a break-even quarter by the oilfields supplier and services company. Net sales fell 35% from year-ago levels to $1.13 billion, also topping the $1.06 billion analyst mean.
Tetra Technologies (TTI) was 1% higher in late trade, overcoming an earlier decline, after reporting an adjusted Q4 net loss of $0.03 per share, reversing a $0.02 per share non-GAAP profit during the same quarter last year but still topping the Capital IQ consensus expecting a $0.04 per share net loss for the oil and gas services company during the three months ended Dec. 31, excluding one-time items.
To the downside, StealthGas (GASS) slid over 5% after the liquified natural gas carrier company reported non-GAAP Q4 net income of $0.03 per share, down from $0.04 per share during the same quarter in 2019 and trailing the lone-analysis call expecting a $0.09 per share adjusted profit for the three months ended Dec. 31.