Energy Stocks Struggling; Chevron Providing Big Drag on Sector Following Q3 Disappointment

By Staff,

Shutterstock photo

Top Energy Stocks

XOM -1.35%

CVX -2.32%

COP -1.17%

SLB -1.17%

OXY -1.53%

Energy stocks are broadly lower, with the NYSE Energy Sector Index retreating 1.1% while shares of energy companies in the S&P 500 are down 1.2% as a group. Crude oil for December delivery is down $1.53 at $94.85 per barrel while November natural gas is down 6 cents to $3.52 per 1 million BTU.

In company news, Chevron Corp ( CVX ) shares are down more than 2% at $117.18 apiece after the energy major reported Q3 earnings of $2.57 per share, slipping from a $2.69 per share gain in the year-ago period and missing the Capital IQ consensus by $0.14.

The oil company attributed the decline mainly to lower margins for refined products.

Sales and other operating revenues rose 1.8% year over year to $57 billion, also falling considerably short of analysts' forecasts for $64.2 billion in quarterly revenue.

In other sector news,

(+) UPL, (+3.5%) Earns $0.37 per share in Q2, ex items, beating estimates by $0.01. Revenue climbs 12.6% year over year to $221.2 mln, roughly in-line with the $221.27 mln consensus.

(-) KOG, (-6.7%) Q3 earnings of $0.12 per share are $0.11 worse than analyst estimates. Revenue climbs 167.2% year over year to $299.59 mln, beating the Street view by $19 mln.

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: CVX

More from MT Newswires


MT Newswires

MT Newswires

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by