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Sector Update: Energy Shares Rise; Crude Futures Surge Above $100 a Barrel
5/9/2011 1:05:00 PM
By: MT Newswires
NYMEX Benchmark Crude June: (+3.61%) to $100.69
Top Energy Stocks
Energy shares are higher as crude oil futures surge by nearly 4% to trade above $100 a barrel.
Light, sweet crude for June delivery is trading up 3.61% to $100.69 a barrel. In other energy futures, heating oil is up 2.76% to $2.92 a gallon while natural gas is up 0.78% to at $4.20 per million British thermal units.
In mid-day news, Dynegy Inc. ( DYN ) reported a swing to a Q1 net loss of $77 million, or $0.64 per diluted share, compared with net income of $145 million, or $1.20 per diluted share for Q1 2010.
DYN revenue fell to $505 million, from last year's $858 million, below analysts' estimate for a $534.62 revenue.
Shares are down 2.96% at $6.22.
Meanwhile, Sempra Energy ( SRE ) reported higher Q1 net income today of $258 million, or $1.07 per share, compared with the prior-year quarter's $106 million, or $0.42 per share.
Q1 earnings included a $96 million after-tax charge, or $0.38 per diluted share, due to a 2010 litigation settlement. Excluding this, the company's EPS increased 34%.
SRE revenues were down to $2.43 billion versus last year's $2.53 billion.
Shares are down 0.05% at $54.83.