Energy Sector Update for 02/24/2016: SM,CHK,MRD

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Top Energy Stocks

XOM -0.27%

CVX -0.01%

COP -0.09%

SLB -0.81%

OXY +0.06%

Energy stocks have turned narrowly mixed, with the NYSE Energy Sector Index slipping 0.3% while shares of energy companies in the S&P 500 still were up about 0.1% as a group. Crude oil for April delivery was up 25 cents at $32.12 per barrel while April natural gas futures were 2 cents higher at $1.85 per 1 million BTU.

In company news, SM Energy ( SM ) was lower this afternoon, but recovering from a new 16-year low earlier today that followed the oil and natural gas producer recording a wider-than-expected adjusted Q4 net loss as revenue declined 49% compared with year-ago levels, also lagging analyst projections.

Excluding one-time items, the company posted a $0.90 per share net loss during the three months ended Dec. 31, expanding on a $0.39 per share loss last year and missing the Capital IQ consensus by $0.32 per share. Revenue fell to $303.7 million from $585.8 million last year, trailing the $388 million consensus call.

Following the pubpar Q4 results, analysts at Topeka Capital Markets today cut their price target for SM Energy by $10 to $15 a share, keeping their Buy rating for the stock.

SM shares were down about 0.1% this afternoon at $7.60 apiece, largely recovering from a drop to its lowest price since December 1999 at $6.99 a share.

In other sector news,

(+) CHK, (+22.6%) Haymaker Resources acquires mineral and royalty interests from CHK affiliates for an undisclosed amount.

(-) MRD, (-11.5%) Q4 revenue declines 13.3% from last year to $96.8 mln, trailing the $131.9 mln consensus. Adjusted net income of $9.2 mln improves from $4.8 mln during same quarter last year. The company did not provide per-share earnings for the quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: SM , CHK ,

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