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