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Sector Update: Energy

By: MT Newswires
Posted: 5/3/2013 1:03:00 PM
Referenced Stocks: WFT

Energy stocks are broadly higher with the NYSE Energy Sector Index rising 1.7% and the S&P Energy Index climbing over 1.9%. Crude oil for June delivery is up $1.76 to $95.75 per barrel. June natural gas is up a penny to $ per 1 mln BTU.

In company news, Weatherford International Ltd. ( WFT ) is up about 9.6% to $13.90 a share, climbing toward a year high $14.58 despite late yesterday trailing the analyst consensus for Q1 revenue by $63 mln, but meeting a reported adjusted EPS of $0.15 per share.

"These areas of focus - working capital, capital allocation, business focus, and efficiency - will be the building blocks that will allow us to deliver increasing free cash flow and higher earnings from 2013 onwards," Weatherford's Chief Administrative officer Dharmesh Mehta said according to a transcript of the company's earnings call and reported by Reuters.

In other sector news,

(+) CGG, (+6%) Raised to Buy from Hold by analysts at Standpoint Research.

(-) HNR, (-1.2%) Adjusted Q4 net income of $0.65 per share beats analyst forecasts by $0.41 per share, GAAP net loss was $0.59 per share, in from a $1,30 per share loss during the same quarter last year.