Energy Sector Update for 08/15/2017: CDTI,FPP,RIG

Top Energy Stocks

XOM -0.15%

CVX +0.04%

COP +0.12%

SLB -0.81%

OXY -0.88%

Energy stocks pared some of their earlier losses Tuesday afternoon, with with the NYSE Energy Sector Index falling almost 0.4% in late trade while shares of energy companies in the S&P 500 also were down about 0.4% as a group. Crude oil for September delivery settled just 4 cents lower today at $47.55 per barrel while September natural gas futures fell 2 cents to $2.94 per 1 million BTU.

In company news, Clean Diesel Technologies ( CDTI ) was lower Tuesday afternoon, giving back an 8% gain earlier in today’s session and a session high of $1.79 a share for the company’s stock that followed the natural gas vehicle fuel company reporting a narrower-than-expected fiscal Q2 net loss and revenue slightly trailing analyst projections.

Net loss for the three months ended June 30 at the company was $0.02 per share, narrowing on a $0.06 per share loss during the year-ago period and beating the Capital IQ consensus expecting a GAAP net loss of $0.07 per share. Revenue was flat year over year at $8.4 million, lagging the $8.6 million Street view.

For FY18, the company is expecting revenue in a range of $32 million to $35 million, in line to above the $32 million analyst mean.

In other sector news,

(+) FPP, Q2 EPS of $0.16 reverses year-ago net loss of $0.07 per share. Revenue rises more than 15% compared with the same quarter last year to $899,000. Analyst estimates were not available.

(-) RIG, Falls to a post-Gulf disaster low of $7.55 a share after announcing transaction to buy Norwegian rival Songa Offshore for about $1.14 bln, or about 47.50 kroner per share – a 37% premium over the stock’s five-day closing price.

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