Energy stocks were broadly mixed Friday with the NYSE Energy
Sector Index sinking about 1.5% while shares of energy companies in
the S&P 500 were ahead about 1.4% as a group.
In company news, Northern Oil and Gas (
) was posting strong gains Friday after the oil and gas producers
reported Q2 earnings that beat Wall Street expectations and also
raised its FY14 production growth guidance.
NOG shares were up about 4.4% at $16.57 apiece, easing slightly
from its intra-day high of $17.00 a share. The stock has traded
within a 52-week range of $11.80 to $17.90 a share, advancing
nearly 24% over the past 12 months.
Adjusted net income for the three months ended June 30 grew to
$17.3 million, or $0.29 per share, up from a $14.6 million gain
during the same quarter last year and beating the Capital IQ
consensus by $0.07 per share. On a GAAP basis, the company turned
in a $4.4 million net loss, or $0.07 per share, reversing a $25
million profit last year.
Revenue declined 22.4% year over year to $74.6 million and
trailing analyst estimates by around $22.57 million. Production
during the April-to-June period rose 17% over the prior quarter to
1.401 million barrels of oil equivalent, or about 15,396 barrels
per day, on average.
Looking forward, the company is expecting FY14 production to
increase between 20% to 25% over year-ago levels, up from its
previous forecast looking for 15% growth. NOG said the improved
outlook is driven in part by the better field conditions and new
In other sector news,
(+) ENOC, (+6.7%) Reports adjusted Q2 net loss of $0.74 per
share, beating estimates by $0.28. Revenue rises 21.9% year over
year to $44.05 mln, topping Street view by around $1.52 mln. Guides
Q3, FY14 revenue in-line. FY14 EPS outlook also matches
(-) FF, (-10.5%) Q2 adjusted net income of $0.12 per share
trails Capital IQ consensus by $0.07 per share. Revenue fell 35.9%
year over year to $68 mln, trailing estimates by $16.3 mln.
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