Sector Update: Energy

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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 ( NOG ) 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 completion designs.

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 estimates.

(-) 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.



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: NOG

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