Top Energy Stocks
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.
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