Sector Update: Energy

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Energy stocks were slightly lower, with the NYSE Energy Sector Index sinking about 0.2% while shares of energy companies in the S&P 500 were down 0.3% as a group. Crude oil for July delivery was down 12 cents at $104.29 per barrel while July natural gas was down 8 cents to $4.57 per 1 million BTU.

In company news, Endeavour International ( END ) shares soared Tuesday after the oil and gas company raised its Q2 production outlook by as much as 17% over its prior guidance.

END is now projecting Q2 production in a range of 10,500 to 11,500 barrels of oil equivalent per day, an increase of 1,500 barrels per day over its previous forecast in early May. It attributed the change to three large assets in the United Kingdom coming online in recent weeks.

Also, the company said it was not aware of any reason for the recent decline in its stock price. Through Monday's close at $1.04 each, END shares have tumbled just more than 70% since reaching an intra-day high of $3.50 a share on May 2.

The stock recently was nearly 59% higher at $1.63 a share, earlier rising to a session high of $1.95 a share and reaching its highest level since June 2.

In other sector news,

(+) TPLM, (+1.7%) Q1 earnings of $0.15 per share beats Capital IQ consensus by $0.04. Revenue climbs 191.0% year over year to $99.78 mln, topping estimates by around $4.24 mln.

(-) ROYT, (-3.3%) Prices secondary offering of 2.65 mln trust units sold by unnamed investors at $13 apiece, a 2.9% discount to Monday's closing price for the stock. The company did not receive any of the offering's $34.5 mln in gross proceeds.



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: END

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