Energy Stocks Building On Earlier Gains; PetroQuest Up Nearly 9% After Q1 EPS Beat


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Energy stocks are adding to their earlier gains with the NYSE Energy Sector Index (^NYE) now ahead by around 0.7% while the S&P Energy Index (^IXE) is up about 0.8% shortly before the close. Crude oil for June delivery (CLM13.NYM) settled 54 cents lower at $95.62 per barrel, snapping a four-day winning streak. June natural gas (NGM13.NYM) fell 9 cents to close at $3.92 per 1 mln BTU.

In company news, PetroQuest Energy ( PQ ) is up 8.7% at $4.57 a share in late trade, climbing as high as $4.65 today after posting Q1 earnings of $0.04 per share, topping analyst estimates by $0.02 per share. Revenue was little changed from the year-ago period at $36 mln, trailing forecasts by about $1.03 mln.

PQ said oil and natural gas liquids volume made up about 22% of its Q1 production, up from 18% during the same quarter last year. Largely due to an increase in NGL production. Looking at the current quarter ending in June, the company is expecting natural gas to account for about 77% of its overall production, with NGL and oil comprising 15% and 8% of its quarter production, respectively.

Q2 production volumes are projected in a range of 92 mln to 97 mln cubic feet equivalent per day.

In other sector news,

(+) EOG, Q1 revenue of $3.36 bln beats by $240 mln. Per-share earnings of $1.17 miss by a penny. Forecasts peer-group leading high growth rates for crude oil production between 2013 to 2017. Also sees "robust" growth for natural gas liquids during the same period while North American natural gas production sgould show moderate increase in 2014 and beyond.

(+) GDP, Reports $0.76 per share adjusted Q1 net loss, $0.27 per share wider than the analyst consensus. Revenue climbs 4% over the same quarter last year to $47.1 mln, also lagging estimates looking for $54.16 mln in quarter revenue.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: PQ

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