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Sector Update: Energy

By: MT Newswires
Posted: 3/1/2012 8:18:00 AM
Referenced Stocks: EVEP;GPRE

Energy stocks are flat this morning following a 0.99% decline for the NYSE Energy index (^NYE) and the S&P Energy index (^IXE) falling 1.08% during Wednesday's session.

Crude oil is flat to slight higher this morning, with April NYMEX currently up 3 cents at $107.10 per barrel. Brent futures also are higher and the April contract now fetching $123.39 a barrel, up 71 cent. Natural gas is off just under 7 cents at $2.547 per 1 million British Thermal Units.

In company news, EV Energy Partners, L.P. ( EVEP ) shares were lower in late trade last night after reporting Q4 earnings of $0.27 per share, including one-time items that may not be comparable with the Thomson Reuters consensus of $0.57. In the prior-year period, the oil and gas exploration company posted $0.55 loss per share. Revenues rose 38% to $66.83 million, missing the analysts' expectations for $70.07 million in revenues in Q4.

Also this morning, Green Plains Renewable Energy ( GPRE ) shares are nearly 7% lower after the ethanol producer announced plans to repurchase 3.7 million shares from its largest individual shareholder, NTR plc. GPRE also will sell 3.0 million shares of common stock now held by NTR under the company's shelf registration statement, reducing NTR's ownership stake to around 3.5%. GPRE is using a combination of cash and debt to buy its stock from NTR.