Sector Update: Energy Stocks Slipping with Tuesday Decline in Commodity Prices
Energy stocks were narrowly lower this afternoon, with the NYSE Energy Sector Index falling 0.2% and the SPDR Energy Select Sector ETF (XLE) down 0.3%.
The Philadelphia Oil-Service Sector index was posting an 8.8% decline and the Dow Jones US Utilities Index was slipping 0.1%.
West Texas Intermediate crude oil was sinking $1.40 to $90.39 per barrel, while North Sea Brent crude also was sliding $1.03 to $96.89 per barrel. Henry Hub natural gas futures were $0.74 lower at $6.20 per 1 million BTU, reversing a big Monday advance.
In company news, Heliogen (HLGN) fell after the solar energy technology compared reported a non-GAAP Q3 net loss of $0.16 per share on $3.54 million in revenue, missing the single-analyst estimate for the three months ended Sept. 30 expecting an $0.08 per share normalized loss on $5.4 million in revenue. It also cut its FY22 revenue forecast to a new range of $12 million to $14 million following delays in project timing and also lagging the $21.7 million analyst’s call.
Ramaco Resources (METC) declined 9.5% after the coal miner reported Q3 net income of $0.60 per share, improving on a $0.16 per share profit during the same quarter last year but still lagging the two-analyst mean expecting it to earn $1.12 per share. Revenue slipped 1% from year-ago levels, falling to $136.9 million and also missing the $157.9 million Street view.
SolarEdge Technologies (SEDG) added more than 18% after the solar photovoltaic equipment company reported a 59% year-over-year increase in Q3 revenue to $836.7 million, topping the $824.4 million analyst mean.
