Sector Update: Energy


Energy stocks are slightly lower with the NYSE Energy Sector Index slipping 0.1% and the S&P Energy Index down 0.2%. Crude oil for December delivery is down 6 cents at $85.98 a barrel. November natural gas is down 6 cents at $3.38 per 1 million BTU. Among energy ETFs, the U.S. Oil fund is slightly lower while the U.S. Natural Gas fund is down 1%.

In company news, Cabot Oil & Gas Corporation ( COG ) is up 8% but off a year high hit earlier after the oil and gas company last night reported Q3 earnings of $0.21 a share, excluding certain items and beating Wall Street estimates by $0.08. Revenues climbed 13.3% to $296.87 million but fell $3.48 million short of estimates. Natural gas production rose 33% over year-ago levels to 66.5 billion cubic feet.

In other sector news,

(+) CRZO, (+3.9%) Named to replace Overseas Shipholding Group ( OSG ) in the S&P SmallCap 600 index after the close of trading on Monday, Oct. 29.

(+) FET, (+0.2%) Announces definitive agreement to acquire Wireline Solutions LLC., a manufacturer of downhole completion tools. Terms of the deal were not disclosed.

(+) ENB, (+0.3%) Strikes deal with Enbridge Income Fund (ENF.TO) transferring crude oil storage, wind and solar power assets valued at $1.164 billion.

(-) RBN, (-0.6% from near year highs) Continuing to target a Q4 close for its merger with National Oilwell Varco ( NOV ) but said deal could slip in 2013 after the Department of Justice requested additional information prior to signing off on its anti-trust investigation.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: COG , NOV , OSG

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