Sector Update: Energy
Energy stocks are broadly lower with the NYSE Energy Sector Index falling about 1.1% and the S&P Energy Index 1.2%. Crude oil for March delivery is down $1.69 to $95.62 per barrel. March natural gas is up a penny to $3.18 per 1 million BTU.
In company news, Enbridge ( ENB ) shares have recovered early losses and are now slightly higher and moving back towards 52 week highs after the pipeline company reported Q4 earnings of $0.42 per share, ex one-time items, trailing the Capital IQ consensus by $0.02. Revenues rose nearly 32% to $7.17 bln, topping analyst estimates by of $1.27 bln.
The company expects FY13 adjusted EPS of between $1.74 to $1.90, in-line with the $1.83 per share consensus.
In other sector news,
(-) RIG, (-5.4%) Downgrades by Deutsche Bank and Howard Weil following last night's fleet status report and news of a federal judge late yesterday accepting the oilfield services company's guilty plea to a misdemeanor charge and $400 mln fine for its role in the 2010 Gulf of Mexico oil spill.