Sector Update: Energy

By Staff,

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Energy stocks are broadly higher with the NYSE Energy Sector Index rising 1.7% and the S&P Energy Index climbing over 1.9%. Crude oil for June delivery is up $1.76 to $95.75 per barrel. June natural gas is up a penny to $ per 1 mln BTU.

In company news, Weatherford International Ltd. ( WFT ) is up about 9.6% to $13.90 a share, climbing toward a year high $14.58 despite late yesterday trailing the analyst consensus for Q1 revenue by $63 mln, but meeting a reported adjusted EPS of $0.15 per share.

"These areas of focus - working capital, capital allocation, business focus, and efficiency - will be the building blocks that will allow us to deliver increasing free cash flow and higher earnings from 2013 onwards," Weatherford's Chief Administrative officer Dharmesh Mehta said according to a transcript of the company's earnings call and reported by Reuters.

In other sector news,

(+) CGG, (+6%) Raised to Buy from Hold by analysts at Standpoint Research.

(-) HNR, (-1.2%) Adjusted Q4 net income of $0.65 per share beats analyst forecasts by $0.41 per share, GAAP net loss was $0.59 per share, in from a $1,30 per share loss during the same quarter last year.

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: WFT

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