Sector Update: Energy

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Energy stocks are higher with the NYSE Energy Sector Index rising 0.4% while shares of energy companies in the S&P 500 also are up 0.4% as a group. Crude oil for December delivery settled 74 cents higher at $97.87 per barrel while November natural gas rose 8 cents to $3.71 per 1 million BTU.

In company news, National Oilwell Varco Inc. ( NOV ) is up 4.3% at $82.56 a share, holding within 16 cents of its new 52-week high of $82.72 after reporting Q3 earnings of $1.34 per share, beating the Capital IQ consensus by $0.02.

The latest results exclude $10 million in pre-tax transaction charges and $102 million in pre-tax gains resulting from the settlement of an outstanding legal claim.

Revenue rose 6.9% year over year to $5.69 billion, also topping estimates by around $10 million.

In other sector news,

(+) COG, Q3 earnings of $0.18 per share exceed analyst consensus by $0.01. Revenue rises 46.8% year over year to $435.9 mln, roughly in-line with expectations. Q3 production totaled 107.1 bln cubic feet of natural gas equivalent.

(-) FET, Energy services company earns $0.44 per share in Q3, topping expectations by $0.02. Revenue rises 12.2% year over year to $390.2 mln but still trails estimates by $16.72 mln. Projected Q4 EPS of $0.42 to $0.06 lags Street by at least $0.03 per share.



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: NOV

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