UPDATE: Vermilion Shares off 2% Despite Rising Profits

By Midnight Trader,  May 04, 2012, 02:25:53 PM EDT

Shares in Vermilion Energy Inc. (VET) were off about 2% in afternoon trading, despite the company more than doubling its first-quarter profits on strength in its international operations.

The Calgary-based oil and gas producer said it earned $65 million or 67 cents per share in the three months ended March 31, compared with $27 million or 30 cents in the same quarter last year. Analysts had expected earnings of 87 cents a share.

Revenue was $310 million, up from $229 million as the company achieved record production volumes of 10,850 barrels of oil equivalent per day.

VET shares were down $1.00 to $45.98 on volume of 164 thousand.




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.


This article appears in: Investing, Commodities

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