Energy Sector Update for 02/20/2015: TEP,ERF,IVAN
Top Energy Stocks
Energy stocks pared some of their earlier losses this afternoon with the NYSE Energy Sector Index sinking 0.3% while shares of energy companies in the S&P 500 were down almost 0.4% as a group in late trade. Crude oil for March delivery settled 82 cents lower at $50.34 per barrel while front-month natural gas futures rose 12 cents to $2.95 per 1 million BTU.
In company news, Tallgrass Energy Partners ( TEP ) was sharply higher in late Friday trading, holding within relatively close range of its new all-time high after late yesterday reporting Q4 per-share earnings and revenue topping analyst expectations.
The oil and natural gas pipeline company earned $0.45 per share during the three months ended Dec. 31, beating the Capital IQ consensus by $0.03 per share. Revenue rose 26.2% year over year to $109.5 million, trailing estimates by slightly more than $9 million.
TEP units were up more than 9% at $52.73 apiece in late trade, climbing back near its new record high of $52.96 a share set earlier today. Over the past 12 months, the stock already had risen more than 71% prior to today's price gain.
In other sector news,
(+) ERF, 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, 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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