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