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Sector Update: Energy

By: MT Newswires
Posted: 11/6/2012 12:21:00 PM
Referenced Stocks: ENOC

Energy stocks are broadly higher with the NYSE Energy Sector Index rising 1.1% and the S&P Energy Index climbing over 1.6%. Crude oil for December is up 74 cents at $86.39 per barrel. December natural gas is up a penny at $3.57 per 1 million BTU.

In company news, EnerNOC ( ENOC ) shares are up 20% and have hit new year highs after posting non-GAAP Q3 earnings that beat expectations by $0.46 a share.

Adjusted earnings were $2.40 a share, excluding $0.19 in stock-based compensation and amoritization expenses, up from $1.98 in the year-ago quarter. Revenue climbed 5.2% to $177.9 million, also topping estimates.

ENOC now expects FY12 revenues in a range of $270 million to $280 million, up $10 million from its prior guidance range and in-line with analyst estimates. It also trimmed its projected GAAP net loss this year to $0.80 to $0.95 a share from its prior guidance of $1.00 to $1.40 a share. Adjusted EBITDA is now seen coming in at $15 million to $20 million.

The company also raised its FY13 guidance for adjusted EBITDA, GAAP earning per share and revenue.

In other sector news,

(+) CVI, (+5%) Posts $3.00 a share Q3 profit, $0.38 better than expectations. Revenues climb 78.2% to $2.41 billion, beating analyst estimates by $130 million.

(+) MIC, (+0.8%, near year highs) Said operations affected by Hurricane Sandy are now coming back on line. Power to its bulk storage facility in Bayonne, N.J., has been restored. All three of its airport fuel facilities, along with its heliport facility, in the New York City region have reopened.

(-) NRP, (-0.5%) Coal miner reports Q3 net earnings of $0.48 a share, topping Street estimates by $0.06. Revenue slips 8.7% to $94.2 million. The Street was at $85.83 million.

(-) AREX, (-5%) Q3 earnings of $0.01 a share miss by $0.04. Revenue rises 18.2% to $33.04 million, trailing analyst expectations by $80 million. Raised 2012 capital budget by $35 million to $295 million.