Sector Update: Energy

By Staff,

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Energy stocks are lower this afternoon with the NYSE Energy Sector Index sinking around 2% and the S&P Energy Index down near 2.6%. Crude oil for September delivery is down $11 at about $87.85 a barrel.

In company news, Enbridge ( ENB ) shares are down 2.5%, reversing a brief run into positive territory today after the pipeline firm reported Q2 earnings of CDN$0.36 per share, below the Capital IQ estimate for CND$0.38.

ENB reaffirmed in-line guidance for FY12, forecasting earnings of $1.58 to 1.74 a share. The Street is at $1.66, according to Capital IQ.

In other sector news,

(+) PQ (+6.8%) Updated its FY12 guidance - production volumes of between 92 million to 97 million cubic feet per day; capital expenditures of $110 million to $115 million.

(-) MUR, (-0.7%) Reports Q2 EPS of $1.52, beating estimates by $0.18. Revenue of $7.19 billion was well shy of the $9.59 million analysts were anticipating. n, and EPS of $1.52. MUR also raised its dividend by 13.6% to $0.3125 a share.

(+) WLT, (+3.9%) Announced Q2 revenues of $678 million, or over $15.8 million above consesus. Earnings also topped expectations - $0.51 a share vs. $0.40, according to Capital IQ.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: ENB

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