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Energy Sector Update for 02/20/2015: MRC,ERF,IVAN

Top Energy Stocks

XOM -0.08%

CVX -0.34%

COP -0.95%

SLB -1.76%

OXY -0.52%

Energy stocks were mostly lower, with the NYSE Energy Sector Index sinking 0.5% while shares of energy companies in the S&P 500 were down almost 0.8% as a group. Crude oil for March delivery was down 68 cents at $51.15 per barrel while front-month natural gas futures were up 12 cents to $2.95 per 1 million BTU.

In company news, MRC Global ( MRC ) declined Friday after the oilfield-services company reported mixed Q4 financial results, trailing analyst expectations with its per-share earnings and revenue matching the Street view.

MRC shares were down almost 8% this afternoon at $12.485apiece, earlier dropping to a session low of $11.86 a share. The stock has traded within a 52-week range of $10.20 to $29.70 a share, already sliding nearly 55% over the past 12 months prior to Friday's retreat.

Net income during the three months ended Dec. 31 rose to $31.2 million, or $0.30 per share, from $23.3 million during the same quarter last year. Excluding non-recurring items, it earned $33.8 million, or $0.33 per share, up from a $33 million non-GAAP profit last year but trailing the Capital IQ consensus by $0.13 per share.

Revenue grew 12.7% over year-ago levels to $1.51 billion, roughly in-line with analyst forecasts looking for $1.52 billion in quarterly revenue.

In other sector news,

(+) ERF, (+0.7%) Posts a nearly five-fold jump in Q4 EPS over year-ago levels to $0.74, handily beating Street view by $0.46 per share.

(-) IVAN, (-37.1%) Announces plans to seek protection under the Bankruptcy and Insolvency Act in Canada, adding the company continues to pursue strategic alternatives, including debt restructuring and possible asset sales.

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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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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