Top Energy Stocks
Energy stocks were sharply higher, with the NYSE Energy Sector Index springing to a nearly 1.8% advance while shares of energy companies in the S&P 500 were up almost 1.9% as a group. Crude oil for December delivery was up $1.38 at $57.02 per barrel while December natural gas futures were 13 cents higher at $3.11 per 1 million BTU.
In company news, Kosmos Energy ( KOS ) reached a nearly two-year high on Monday of $8.40 a share, rising almost 4%, after the oil and natural gas producer reported a smaller-than-expected non-GAAP Q3 net loss after revenue during the quarter more than doubled compared with year-ago levels and topped Wall Street expectations.
Excluding one-time items, the company reported a $0.09 per share net loss for the three months ended Sept. 30, unchanged from the year-ago period and nudging past the Capital IQ consensus by $0.01 per share. Revenue jumped 127% year over year to $151.2 million, also topping the $149.1 million analyst mean.
In other sector news,
(+) BHGE, (+7.3%) Begins $3 bln stock buyback program and discloses plans to issue new debt securities but did not provide additional details.
(-) SUN, (+1.0%) Names chief operational officer Joe Kim to be CEO, effective on Jan. 1, when current chief executive Bob Owens will retire.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.