Rising Oil Prices Lift Apache, Chesapeake Results

Mukesh Buch
22 Feb, 2018
New York City

Apache net swung to profit on higher oil prices. ACI Worldwide net plummeted. Chesapeake Energy plans to reduce capital investments by 12%. Orbital ATK revenues jumped. Valmont Industries net swung to a loss.

[R]11:50 AM New York City, New York – Apache net swung to profit on higher oil prices. ACI Worldwide net plummeted. Chesapeake Energy plans to reduce capital investments by 12%. Orbital ATK revenues jumped. Valmont Industries net swung to a loss.[/R]

Tollbooth Index increased 91.14 or 0.6% to 14,392.66.

Earnings Review

Apache Corporation ((APA)) plunged 5.8% or $2.20 to $35 after the oil and gas producer reported revenues in the fourth-quarter ending in December jumped 6.7% from a year ago to $1.6 billion.

Net in the quarter swung to profit $456 million or $1.20 per diluted share from $182 million or 48 in the same quarter last year.

The oil producer said production in Permian Basin soared 10% and the company estimated production growth in 2018 between 7% and 13% and 9% oil growth in the Permian.

ACI Worldwide Inc ((ACIW)) advanced 3.2% or 73 cents to $23.39 after the electronic payment developer stated total revenues in the fourth-quarter ending in December dropped 4.7% from a year ago to $326.4 million.

Net income in the quarter plummeted 50.2% to $33.2 million or 28 cents per diluted share from $66.7 million or 56 cents in the same quarter last year.

Chesapeake Energy Corporation ((CHK)) surged 19% or 50 cents to $3.13 after the oil and gas producer said total revenues in the fourth-quarter ending in December soared 24.7% from a year ago to $2.5 billion.

Net in the quarter swung to profit $309 million or 33 cents per diluted share from $740 million or 83 in the same quarter last year.

Chesapeake said it forecasted fiscal 2018 production growth despite plans to reduce capital investments by 12%.

Orbital ATK Inc ((OA)) rose 7 cents to $131.87 after the aerospace and defense products provider reported revenues in the fourth-quarter ending in December rose 6.3% from a year ago to $1.4 billion.

Net income in the quarter declined 4.7% to $61.2 million or $1.06 per diluted share from $64.2 million or $1.11 in the same quarter last year.

SAGE Therapeutics Inc ((SAGE)) dropped 2.8% or $4.65 to $159.05 after the drug maker said net loss in the fourth-quarter ending in December widened to $69.4 million or $1.75 per diluted share from $55.9 million or $1.50 in the same quarter last year.

Valmont Industries, Inc ((VMI)) slumped 3.5% or $5.45 to $151.10 after the fabricated metal products producer reported revenues in the fourth-quarter ending in December jumped 6% from a year ago to $714.9 million.

Net in the quarter swung to a loss of $3.6 million or 16 cents per diluted share from profit of $70.1 million or $3.10 in the same quarter last year.

Valmont estimated fiscal 2018 revenue growth of about 7% and diluted earnings per of about $7.70.