Sector Update: Energy Stocks Fall Late Afternoon

MT Newswires Live10-30

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each dropping 1.5%.

The Philadelphia Oil Service Sector index slumped 1.3%, and the Dow Jones US Utilities index slid 1.8%.

Front-month West Texas Intermediate crude oil eased 0.3% to $67.18 a barrel while the global benchmark Brent crude contract was down 0.4% to $71.11 a barrel. Henry Hub natural gas futures rose 1.6% to $2.35 per 1 million BTU.

In corporate news, Scorpio Tankers (STNG) reported Q3 adjusted earnings Tuesday of $1.75 per diluted share, down from $1.91 a year earlier. Analysts polled by Capital IQ expected $1.88. Its shares tumbled 3.1%.

CECO Environmental (CECO) has agreed to buy Profire Energy (PFIE) for $125 million in cash. CECO shares tumbled past 14%, and Profire Energy surged nearly 47%.

Phillips 66 (PSX) reported Q3 adjusted earnings Tuesday of $2.04 per share, down from $4.63 a year earlier. Its shares fell 4.4%.

Matador Resources (MTDR) said Tuesday that it has received about $113 million as its share of the proceeds from Enterprise Products Partners' (EPD) acquisition of Pinon Midstream. Matador shares eased 0.4%.

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