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Sector Update: Energy
By: MT Newswires
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.