Sector Update: Energy


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Energy stocks are higher in late afternoon trading with the NYSE Energy Sector Index rising less than 0.1% while the S&P Energy Index is up about 0.4%. Crude oil for April delivery settled 39 cents at $91.95 per barrel. April natural gas was up 5 cents to $3.63 per 1 million BTU.

In company news, BPZ Resources Inc. ( BPZ ) is up about 11% at day highs after reporting a 21.3% year over year slide in Q4 revenue to $25.1 mln but still beating analyst projections by around $330,000. BPZ also reported a net loss of $0.11 per share, missing missing the analyst consensus by a penny as average production from the offshore Corvina and Albacora fields fell 9.9% compared to year-ago levels to 1,516 barrels of oil per day.

In other sector news,

(+21%, hit new year highs) WG, Johnson Rice raises rating for shares of the oilfield services company to Overweight from Equal Weight with a $10 price target.

(-0.4%) BP, Warns its court settlement with businesses and individuals affected by the 2010 Deepwater Horizon spill will be "significantly higher" than $7.7 bln, according to Financial Times, citing notes to the company's annual report filed earlier this week.

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

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