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

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Top Energy Stocks

XOM +0.68%

CVX +0.94%

COP +0.59%

SLB +1.58%

OXY +1.16%

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.



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This article appears in: Investing , Commodities

Referenced Stocks: PES

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