Energy Stocks Reverse Course, Now Trading Higher; Newfield Sliding After Wider-Than-Expected Q3 Loss

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Top Energy Stocks

XOM +0.2%

CVX +0.9%

COP +0.4%

SLB -1%

OXY -0.75%

Energy stocks have reversed their earlier declines with the NYSE Energy Sector Index now up slightly more than 0.1%. The S&P Energy Index is little changed in mid-day trade. Crude oil for December delivery is down $1.32 at $85.35 a barrel. November natural gas is down 8 cents at $3.46 per 1 million BTU.

In company news, Newfield Exploration Co ( NFX ) is down by over 15% now after the oil and gas company reported adjusted earnings, excluding items, for the quarter of $65 million or $0.48 per share. On average, 25 analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

In other sector news,

(+) NBR, (+0.5%) Q3 earnings rise 1.9%, led by international business. Adjusted EPS was $0.42, beating estimates by $0.06. Revenue rises 9.8% to $1.77 billion, also topping expectations by $60 million.

(+) MRO, (+2%) In talks to sell its 20% stake in the Athabasca oil sands project in Canada as part of its strategy to shed less profitable assets.

(+) PX, (+0.3%) Posts Q3 EPS of $1.39, in-line with estimates. Revenue trails Street estimates by $50 million, coming in at $2.77 billion. Guides Q4 EPS at least $0.04 a share below expectations.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: NFX

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