Sector Update: Energy


Energy stocks are mostly lower with the NYSE Energy Sector Index (^NYE) falling over 0.8% and the S&P Energy Index (^IXE) sinking just over 1.0%. Crude oil for June delivery (CLM13.NYM) is down $2.55 to $93.84 per barrel while June natural gas (NGM13.NYM) is down 2 cents to $3.96 per 1 mln BTU.

In company news, Houston American Energy ( HUSA ) is up nearly 30% at 25 cents per share, taking it away from near a year low 18 cents per share after saying Pennington Oil & Gas LLC - its partner in the Crown Paper No. 1 well in the Profit Island Field - has carried out a successful re-start and initial testing of the well near Baton Rouge, La.

HUSA currently owns a 5.675% royalty interest in the well, which will decline to a 2.838% royalty stake after the company pockets $225,000 in royalties. HUSA also holds working and royalty interests in adjacent acreage to the Profit Island Field.

In other sector news,

(+) FST, (+2.7%) Stifel Nicolaus raises its rating for the stock to Buy from Hold. Upgrade follows FST yesterday reporting a wider Q1 net loss compared to a year ago, posting a $0.59 per share loss compared to a $0.29 loss during the same quarter last year. Revenue slipped 25% year over year to $118 mln.

(-) BCEI, (-3.2%) Reports Q1 earnings of $0.40 per share, ex items, trailing estimates by $0.02 per share. Revenue climbs 63.8% year over year to $78.3 mln but still lagged expectations by $1.73 mln. Average per-barrel price of oil falls 8.8% from year-ago levels while the price received for natural gas liquids declined 16.7%.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: HUSA

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