Sector Update: Energy

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Energy stocks are lower this afternoon with the NYSE Energy Sector Index sliding about 0.5% and the S&P Energy Index falling about 0.6%. Crude oil for November delivery is down 67 cents at $89.45 a barrel. November natural gas is down 5 cents at $3.57 per 1 million BTU.

In company news, Peabody Energy ( BTU ) is up more than 10% after the coal miner earlier today reported adjusted Q3 earnings of $0.51 a share on $2.06 billion in revenue. That beat analyst expectations calling for a $0.34 a share profit and $1.97 billion in revenue.

In other sector news,

(+) HK, (+0.4%, well off day highs) Acquiring producing and undeveloped oil and gas assets in the Williston Basin from Petro-Hunt LLC and an affiliated entity for $1.45 billion in cash and stock. Canada Pension Plan Investment Board also agrees to buy $300 million of HK common stock at $7.16 a share.

(-) BP, (-1.4%) Inks $17.1-billion cash deal selling its TNK-BP 50% stake to Rosneft. Deal also includes BP buying 12.84% Rosneft stake.

(-) NXY, (-5.2%, but above day lows) Canada's government late Friday blocked a $5.22 billion bid for Progress Energy Resources Corp (PRQ.TO) by Malaysian state oil company Petronas, a surprise ruling seen as having huge implications for China's state-owned CNOOC ( CEO ) proposed buyout of NXY.



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: BTU , CEO

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