Energy Sector Update for 04/09/2015: SYRG,PXD,MEMP
Top Energy Stocks
Energy stocks were mostly higher, with the NYSE Energy Sector Index rising 1.2% while shares of energy companies in the S&P 500 were up 1.3% as a group. Crude oil for May delivery was up 90 cents at $51.32 per barrel while May natural gas futures were down 8 cents at $2.54 per 1 million BTU.
In company news, Synergy Resources Corp ( SYRG ) was slightly higher in afternoon trade, giving back most of an earlier advance that followed the oil and natural gas producer's reporting fiscal Q2 earnings matching Wall Street opinion although revenue failed to live up to analyst expectations.
Net income during the three months ended Feb. 28 fell to $4.7 million, or $0.05 per share, down from a $5.2 million profit during the same quarter last year but matching the Capital IQ consensus for the period.
Revenue rose 3.0% over year-ago levels to $23.7 million, trailing analyst estimates by around $5.02 million. Production grew 98% year over year to 679,000 barrels of oil equivalent, reflecting the company's December property purchase in Colorado's Denver-Julesburg Basin as well as several additional horizontal wells coming on line during the quarter.
SYRG shares recently were up about 0.1% at $12.20 apiece, paring a 5% gain soon after the opening bell enroute to a session high of $12.80 a share. The stock has traded within a 52-week high of $8.05 to $14.11 a share, rising more than 18% over the past 12 months entering Thursday's session.
In other sector news,
(+) PXD, (+3.0%) Stifel Nicolaus resumes analyst coverage with a Buy rating and a $195 price target.
(-) MEMP, (-4.1%) Prices $77.4 mln secondary offering of nearly 4.66 mln units previously owned by MRD Holdco LLC at $16.60 each, a 4.4% discount to Wednesday's closing price for the stock.
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