$CLMT

Sector Update: Energy Stocks Lower in Late Afternoon Trading

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each decreasing about 0.4%.The Philadelphia Oil Service Sector Index rose 1%, and the Dow Jones US Utilities Index shed 0.7%.In sector news, crude oil prices rose Friday as tensions flared up again in the Middle East conflict ahead of Iran's expected response to a US proposal to end the war. US forces disabled three empty Iranian oil tankers that violated the American blockade in the Strait of Hormuz in the past three days, US Central Command said Friday. The US and Iran traded fire Thursday in the narrow waterway. US Secretary of State Marco Rubio expects Iran to respond to Washington's peace proposal on Friday, CNBC reported.Front-month West Texas Intermediate crude oil rose 0.6% to $95.41 a barrel, and the global benchmark Brent crude contract was advancing 1% to $101.07 a barrel. Henry Hub natural gas futures fell 0.7% to $2.75 per 1 million BTU.In corporate news, Calumet (CLMT) shares fell 7% after it reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier. Analysts surveyed by FactSet expected a loss of $0.33.Devon Energy (DVN) stock rose 0.5% after it launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.32 per share, payable June 30 to shareholders of record June 15.Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day." Shell shares were down 0.4%.Presidio Production (FTW) signed definitive purchase and sale agreements to acquire the Canyon Creek assets for about $83 million in its first acquisition as a public company, the company said Friday. Presidio shares rose 4.2%.

Sector Update: Energy Stocks Lower in Afternoon Trading

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was climbing 1.6%, and the Dow Jones US Utilities Index shed 0.5%.In sector news, US forces disabled two Iranian-flagged unladen oil tankers on Friday attempting to dock at an Iranian port on the Gulf of Oman in violation of the US blockade, US Central Command said on X.Front-month West Texas Intermediate crude oil was rising 0.8% to $95.58 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $101.12 a barrel. Henry Hub natural gas futures shed 0.5% to $2.75 per 1 million BTU.In corporate news, Calumet (CLMT) shares fell 3.4% after it reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier. Analysts surveyed by FactSet expected a loss of $0.33.Devon Energy (DVN) stock rose 0.9% after it launched a new share repurchase authorization of $8 billion and raised its fixed dividend to $0.320 per share, payable June 30 to shareholders of record as of June 15.Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day." Speaking during Shell's Q1 earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time. Shell shares were down 0.3%.

Calumet's Q1 Loss Widens, Revenue Rises

Calumet (CLMT) reported a Q1 loss Friday of $3.64 per diluted share, widening from a loss of $1.87 a year earlier.Analysts surveyed by FactSet expected a loss of $0.33.Revenue for the quarter ended March 31 was $1.03 billion, compared with $993.9 million a year earlier.Analysts surveyed by FactSet expected $1 billion.Calumet shares were down nearly 3% pre-bell Friday.

Earnings Flash (CLMT) Calumet Posts Q1 Loss $3.64 a Share, vs. FactSet Est of $0.33 Loss

Goldman Sachs Downgrades Calumet to Neutral From Buy, Adjusts Price Target to $36 From $34

Calumet (CLMT) has an average rating of overweight and mean price target of $37, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)