Sector Update: Energy


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Energy stocks were ending broadly mixed Friday with the NYSE Energy Sector Index sinking about 1.6% while shares of energy companies in the S&P 500 were ahead about 1.6% as a group. Crude oil for September delivery settled 31 cents higher at $97.65 per barrel while September natural gas was rose 9 cents to finish at $3.96 per 1 million BTU.

In company news, Magnum Hunter Resources ( MHR ) was sharply higher in late trade after the oil and gas company late yesterday beat analyst estimates with its Q2 earnings.

MHR shares were ahead more than 10% at $6.37 apiece, earlier advancing to a session high of $6.42 a share. The stock has traded within a 52-week range of $3.86 to $9.27 a share, adding about 55.5% in value over the past 12 months.

The company recorded a net loss of $0.09 per share, half the $0.18 per share loss analysts were forecasting. Revenue grew 57.7% over year-ago levels to $78.2 million but still trailed the Capital IQ consensus by around $31.11 million.

MHR executives attributed the big rise in oil and gas revenues to higher production levels resulting from expanded drilling efforts in Marcellus and Utica shale formations as well as rising commodity prices compared with year-ago levels. Midstream and marketing revenues also rose 246% year over year to $48.4 million.

In other sector news,

(+) ENOC, 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, 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 Nasdaq, Inc.

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This article appears in: Investing , Commodities

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