Energy Stocks Rising; BP Climbs to New 52-Week High After Q3 EPS Beat, Dividend Increase

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Energy stocks are higher, with the NYSE Energy Sector Index rising 0.7% while shares of energy companies in the S&P 500 are ahead 0.4% as a group. Crude oil for December delivery is down 44 cents at $98.24 per barrel while November natural gas is down 4 cents to $3.53 per 1 million BTU.

In company news, BP plc ( BP ) is up nearly 5% at $45.79 a share this afternoon, earlier climbing to a new 52-week high of $46.00 after reporting Q3 financial results that topped analyst expectations. The oil and gas major also raised its quarterly dividend by 5.6% to $0.095 per share.

BP earned $1.17 per share during the quarter, beating the Capital IQ consensus by $0.12 per share. The company also said it expects 2014 capital spending to remain around its current levels in the range of $24 bln to $25 bln.

In other sector news,

(+) LINE, (+5.8%) Narrows Q3 net loss to $0.13 per unit from $2.18 loss in year-ago quarter. Net cash provided by operating activities rises 42% to $379.2 mln. Average daily production rises 6% over prior quarter to 823 mln cubic feet equivalent.

(-) EROC, (-14.2%) Reduces quarterly distribution by $0.07 to $0.22 per unit. Also forecasts adjusted Q3 EBITDA of $62.8 mln, up about 12% over the preceding quarter.

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

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This article appears in: Investing Commodities
Referenced Stocks: BP


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