Top Energy Stocks
Energy stocks were broadly higher Tuesday, with the NYSE Energy
Sector Index rising 1.4% while shares of energy companies in the
S&P 500 were up 1.2% as a group. Crude oil for June delivery
was up 44 cents at $101.28 per barrel while June natural gas was up
2 cents to $4.82 per 1 million BTU.
In company news, Pioneer Energy Services Corp (
) was up more than 3% in mid-day trade after generating per-share
earnings and revenue during the three months ended March 31 topping
analyst projections for the period.
The oilfield-services posted adjusted net income of $0.04 per
share, beating the Capital IQ consensus expecting a $0.04 per share
net loss. Revenue rose 4.0% year over year to $239 million,
exceeding estimates by around $3.39 million.
The company said revenue growth was supported by increased
demand in its production services unit, offset somewhat by a drop
for its drilling services segment, particularly in the United
States and Columbia. It is projecting 5% to 6% growth in production
services during Q2 compared to year-ago levels.
PES shares recently were up 3.6% at $13.91 each, earlier rising
to an intra-day high of $14.08 a share. The stock has a 52-week
range of $6.46 to $14.64 a share, rising nearly 89% in value over
the past 12 months.
In other sector news,
(+) SGY, (+11.6%) Encounters over 275 feet of net oil pay in
three separate sections of its new deepwater Cardona South No. 5
well in the Mississippi Canyon of the Gulf of Mexico. SGY operates
and owns a 65% stake in the new well.
(-) RRC, (-0.8%) Q1 earnings of $0.20 per share trailed analyst
projections by around $0.31 per share. Revenue rises 43.3% year
over year to $457.3 mln, lagging Street view by around $2.1