Energy Stocks Still Climbing; Alon USA Slides After Refiner Misses Q3 Earnings Expectations


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Energy stocks are adding to their earlier gains with the NYSE Energy Sector Index rising 0.8% while shares of energy companies in the S&P 500 are up 1.0% as a group. Crude oil for December delivery settled 34 cents higher at $94.58 per barrel while December natural gas added 4 cents to finish at $3.56 per 1 million BTU.

In company news, Alon USA ( ALJ ) is down nearly 8% at $10.16 a share heading into tonight's close after reporting a Q3 net loss of $0.47 per share, ex items, trailing Wall Street expectations for the period by $0.19.

The refiner blamed a portion of the large loss on the relative price parity for West Texas Intermediate crude at the Cushing and Argus hubs during Q3, a disadvantage to the company because of its proximity to the Permian basin that has started to again widen as transportation costs normalize, now reaching $4.35 per barrel to its benefit.

In other sector news,

(+) CLNE, Posts $0.16 per share net loss during the quarter, ex items, $0.05 better than the Capital IQ consensus call. Revenue slipped 5.7% from the same quarter last year to $86.3 million, trailing analyst estimates by $2.43 million.

(-) AREX, Q3 earnings of $0.07 per share beat by $0.01. The oil and gas company also hires Sergei Krylov, currently a managing director at J.P. Morgan ( JPM ) Securities LLC, as its new chief financial officer.

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: ALJ , JPM

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