Sector Update: Energy Shares Mixed in Late Day Trade


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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: DVN

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