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

By Staff,

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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 Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: NFX

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