Markets

Energy Sector Update for 10/01/2015: CAFD,PWE,CHK

Top Energy Stocks

XOM -0.55%

CVX -0.75%

COP +0.17%

SLB -1.93%

OXY -0.36%

Energy stocks were finishing moderately higher, with the NYSE Energy Sector Index rising 0.4% while shares of energy companies in the S&P 500 were up 0.2% as a group. Crude oil for November delivery settled 35 cents lower at $44.74 per barrel while November natural gas futures slid 9 cents to $2.43 per 1 million BTU.

In company news, shares of 8point3 Energy Partners LP ( CAFD ) were higher today after the oil and natural gas producer late Wednesday reported a surprise Q3 profit as revenue grew more than a third over year-ago levels.

Net income during the three months ended August 31 was $1.3 million, or $0.05 per share, blowing past analyst projections expecting a $0.03 per share net loss. Revenue rose 33.9% year over year to $3.08 million, falling short of the $3.7 million Capital IQ consensus.

Looking forward, the company is expecting Q4 revenue in a range of $4.9 million to $5.1 million, compared with estimates looking for around $8.01 million.

CAFD shares were up almost 5% at $11.09 each, earlier rising to a session high of $11.34 a share.

In other sector news,

(+) PWE, Sells non-operated 9.5% working interest in the Weyburn Unit in southeastern Saskatchewan for $205 million in cash. Proceeds will be used to reduce senior debt.

(-) CHK, Tells holders of its 2.75% contingent convertible senior notes due 2035 they have the option to require Chesapeake to purchase all or a portion of those notes on Nov. 15.

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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