Sector Update: Energy


Energy stocks are ending mostly higher with the NYSE Energy Sector Index rising 0.8% while shares of energy companies in the S&P 500 are up almost 0.9% as a group. Crude oil for May delivery fell 41 cents to settle at $99.70 per barrel while April natural gas rose 14 cents to $4.41 per 1 million BTU.

In company news, shares of Nabor Industries ( NBR ) were enjoying a modest boost Tuesday, rising to a new 52-week high after analysts at RBC Capital Markets raised their price target for the oilfield-services stock by $4 to $29 a share. They kept an Outperform rating for the stock.

The move follows NBR yesterday warning it likely will not meet analyst expectations with its Q1 earnings, explaining severe winter weather in many parts of the country this year hurt its pumping business as well as its northern-tier frac sand mine operations. It sees EPS falling about $0.07, trailing the analyst consensus looking for $0.20 per share for the quarter ending next week.

NBR shares were up 3.5% at $24.87 a share late in today's regular session, just 10 cents off its new 52-week high.

In other sector news,

(+) SFY, Completes three new wells in the Eagle Ford shale formation in Texas, with each of the wells producing around 22.1 million cubic feet of natural gas per day, on average.

(-) ANR, Reduced to Hold from Buy at Jefferies - which also downgrades Arch Coal - saying the coal miners overpaid with their recent acquisitions, receiving low-quality assets in return.

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.

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This article appears in: Investing , Commodities

Referenced Stocks: NBR

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As of 7/22/2014, 10:56 AM