Energy Stocks, Crude Oil Higher This Afternoon; Union Drilling Soars On Reversing Year-Ago Net Loss, Surprises Street

By Midnight Trader,  August 03, 2012, 01:28:26 PM EDT

Top Energy Stocks

XOM +1.9%, near year highs

CVX +2.0%, near year highs

COP +2%

SLB +2.5%

OXY +3.9%

Energy stocks are higher this afternoon with the NYSE Energy Sector Index climbing nearly 3.0% on positive sentiment after the Labor Department reported a surprise net increase in new job hires during July. The S&P Energy Index is up about 2.8% with crude oil for September delivery up nearly 4%, climbing $3.89 to $91.01 a barrel in NYMEX trade.

In company news, Union Drilling Inc ( UDRL ) is ahead nearly 22% today following an upgrade of the oilfield services firm by BMO Capital.

The improved view follows UDRL late Wednesday reporting stellar Q2 financial results, reversing a year-ago $0.15 a share net loss with a $0.03 a share profit and crushing the analyst consensus by $0.09. Revenues also beat as the company rig utilization rate climbed from 54.4% during the same three months last year to a 78.1% pace during the period ending June 30.

In other sector news,

(+) KOG, (+7.6%) Reports 288% rise in Q2 sales over 2011 levels to $85.2 million. Adjusted earnings were $0.10 a share, matching Street expectations.

(+) EOG, (+10.48%) Beats by $0.18 a share. Also beats on revenues.

(-) SWN, (-4.2%) EPS in-line, raises FY12 output forecast to 33 million barrels of oil equivalent from 32.3 million barrels. Total output rises 12% in Q2.

(+) LNG, (+0.3%) Repays convertible senior unsecured notes.




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.


This article appears in: Investing, Commodities

Referenced Stocks: UDRL



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