Sector Update: Energy Shares Mixed in Late Day Trade

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Top Energy Stocks

XOM +0.81%

CVX +1.01%

COP +1.20%

SLB +0.87%

OXY +0.57%

Energy stocks were mixed with the NYSE Energy Sector Index (^NYE) sliding about 1.0% while shares of energy companies in the S&P 500 (^IXE) were up nearly 0.6% as a group. Crude oil for September delivery settled a penny lower at $96.91 per barrel while September natural gas rose 4 cents to finish at $3.93 per 1 million BTU.

In company news, Devon Energy ( DVN ) shares turned narrowly lower shortly before the closing bell Wednesday after posting quarterly earnings during the April-to-June period matching Wall Street expectations and revenue surpassing analyst expectations.

The oil and gas exploration and production company this morning reported its Q2 earnings rose nearly 16% over year-ago levels to $1.40 per share, in line with estimates from the Capital IQ consensus.

Revenue climbed 51% year over year to $4.5 billion, topping the Street view by around $800,000. Excluding production from divested assets, Q2 production rose 14% to 620,000 barrels of oil equivalent per day.

DVN shares were down about 0.3% at $74.34 each, giving back a rise to $75.66 a share earlier in today's trade. The stock has traded in a 52-week range of $55.15 to $80.63 a share, rising just over 35% during the past 12 months.

In other sector news,

(+) WPX, Surprise adjusted Q2 EPS of $11 mln, or $0.06 per share, reverses $44 mln net loss last year and beats analyst estimates by $0.13 per share. Revenue slips 0.1% to $814 mln, matching Street. Increases FY14 growth forecast to 55% from 40%.

(-) RSPP, Announces plans to sell a total of 12 mln shares of its common stock, with the oil and gas company selling 5 mln shares and three shareholder groups - Actoil LLC, Production Opportunities II LP and RSP Permian Holdco LLC - selling 7 mln shares.



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

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This article appears in: Investing , Commodities

Referenced Stocks: DVN

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