Sector Update: Energy

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Energy stocks were higher, with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 were up 0.8% as a group. Crude oil for May delivery was down 6 cents at $101.69 per barrel while May natural gas was up 2 cents to $4.76 per 1 million BTU.

In company news, shares of Hercules Offshore ( HERO ) are lower Wednesday after the oilfield-services company reported Q1 earnings and revenue trailing Wall Street expectations.

Net income from continuing operations fell by more than 50% from year-ago levels to $19.9 million, or $0.12 per share, missing the Capital IQ consensus by $0.01 per share.

Revenue jumped 38% year over year to $256.7 million but still lagged estimates by around $6.37 million.

HERO shares were down about 3.6% at $4.29 each in recent trade, just 3 cents off their intra-day low. The stock has a 52-week range of $4.21 to $7.96 a share, declining almost 37% over the past 12 months.

In other sector news,

(+) RES, (+3.5%) Q1 earnings of $0.18 per share lag Street view by $0.03. Revenue rises 17.8% year over year to $501.7 mln, trailing Capital IQ consensus by $7.2 mln.

(+) NBR, (+1.8%) Q1 EPS from continuing operations of $0.16 beat by $0.02 per share. Revenue falls 3.7% year over year to $1.56 bln, matching Street view.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: HERO

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