Sector Update: Energy Stocks Decline in Monday Afternoon Trading

MT Newswires Live10-29

Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) down 0.7%.

The Philadelphia Oil Service Sector index was posting a 1.2% decline, while the Dow Jones US Utilities index was rising 1%.

Israel's retaliatory strike on Iran neither targeted the Islamic nation's oil and nuclear facilities infrastructure nor did it disrupt energy supplies.

Front-month West Texas Intermediate crude oil tumbled 5.8% to $67.65 a barrel while the global benchmark Brent crude contract slumped 5.7% to $71.73 a barrel. Henry Hub natural gas futures sank 10% to $2.31 per 1 million BTU.

In corporate news, SJW (SJW) reported Q3 adjusted earnings Monday of $1.18 per diluted share, up from $1.13 a year earlier. Analysts surveyed by Capital IQ expected $1.14. Its shares rose 1.6%.

CenterPoint Energy (CNP) reported Q3 non-GAAP earnings Monday of $0.31 per diluted share, down from $0.40 a year earlier. Analysts polled by Capital IQ expected $0.31. Its shares were gaining 1.3%.

Alliance Resource Partners (ARLP) shares fell 2.1% after the company reported lower Q3 earnings and revenue compared with a year earlier.

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