Top Energy Stocks
Energy stocks extended their earlier declines, with the NYSE Energy Sector Index falling nearly 1.1% while shares of energy companies in the S&P 500 were down about 1.2% as a group. West Texas Intermediate crude oil for July delivery settled $2.22 lower at $56.59 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude July contract declined $2.93 to $66.52 per barrel. July natural gas futures fell 8 cents to $2.55 per 1 million BTU.
Among energy stocks moving on news:
(+) Petrobras ( PBR ) was narrowly lower in late trade. The Brazilian state-owned energy major Thursday said it has been contacted by the US Commodity Futures Trading Commission in an inquiry into certain trading activities linked to the Car Wash political corruption scandal. The company also said it will fight a Federal Court of Rio de Janeiro injunction suspending the proposed sale of its equity stake in AraucÃ¡ria Nitrogenados and its Nitrogenados III fertizer units.
In other sector news:
(+) NGL Energy Partners ( NGL ) edged fractionally higher after the oil and natural gas refinery missed analyst projections with its fiscal Q4 results, earning $0.19 per share during the January-to-March period and trailing the Capital IQ consensus expecting $0.29 per share. Revenue rose 3.9% year-over-year to $5.14 billion but also lagging the $5.71 billion Street view.
(-) Chevron ( CVX ) was down 1% this afternoon. The energy major is selling 18 producing oil and gas fields in the North Sea for $2 billion to Ithaca Energy, its Tel Aviv-listed parent company, the Delek Group, announced earlier Thursday.
(-) KLX Energy Services Holdings ( KLXE ) retreated Thursday, slipping 7% this afternoon after a Piper Jaffray downgrade to neutral from its prior overweight call. Piper also lowered its price target on the company's shares by $4 to $25.50 apiece.
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