Sector Update: Energy

By Staff,

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Energy stocks are broadly lower with the NYSE Energy Sector Index falling about 1.1% and the S&P Energy Index 1.2%. Crude oil for March delivery is down $1.69 to $95.62 per barrel. March natural gas is up a penny to $3.18 per 1 million BTU.

In company news, Enbridge ( ENB ) shares have recovered early losses and are now slightly higher and moving back towards 52 week highs after the pipeline company reported Q4 earnings of $0.42 per share, ex one-time items, trailing the Capital IQ consensus by $0.02. Revenues rose nearly 32% to $7.17 bln, topping analyst estimates by of $1.27 bln.

The company expects FY13 adjusted EPS of between $1.74 to $1.90, in-line with the $1.83 per share consensus.

In other sector news,

(-) RIG, (-5.4%) Downgrades by Deutsche Bank and Howard Weil following last night's fleet status report and news of a federal judge late yesterday accepting the oilfield services company's guilty plea to a misdemeanor charge and $400 mln fine for its role in the 2010 Gulf of Mexico oil spill.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

This article appears in: Investing Commodities
Referenced Stocks: ENB

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