Energy Stocks Up Strongly; Pioneer Energy Services Climbing After Q1 EPS, Revenue Top Expectations

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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 ( PES ) 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 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: PES

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