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Energy Stocks Slightly Lower; Penn Virginia Jumps 12% After Posting Narrower-Than-Expected Q3 Net Loss

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Energy stocks are narrowly lower, with the NYSE Energy Sector Index slipping about 0.1% while shares of energy companies in the S&P 500 are little changed as a group. Crude oil for December delivery is down 61 cents at $96.16 per barrel while December natural gas is down 2 cents to $3.60 per 1 million BTU.

In company news, Penn Virginia Corp ( PVA ) is up nearly 12% at $8.29 a share after the petroleum exploration and production company reported an adjusted Q3 net loss of $0.02 per share, paring a $0.17 per share adjusted loss during the year-ago period and beating analyst expectations for a $0.17 loss during the three months ended Sept. 30.

Revenue surged 89% over the same quarter last year to $108.8 million, falling around $22.7 million shy of the Capital IQ consensus. The company produced a record 19,638 barrels of oil equivalent per day during the quarter, up about 5% over the prior period.

For Q4, PVA is forecasting product revenue, excluding the impact of any hedges, in a range of $118.4 million to $135.4 million as production increases to an expected 19,200 to 22,200 barrels of oil equivalent during the three months ending in December.

Analysts, on average, are modeling PVA to generate around $140.51 million in revenue this quarter.

In other sector news,

(+) KEG, (+3.4%) Posts surprise $0.01 per share net loss on $389.7 mln in revenue. Analysts, on average, had been expecting the oilfield-services firm to earn $0.01 per share on $406 mln of revenue.

(-) WMB, (-3.2%) Q3 net income of $0.19 per share tops Capital IQ consensus by $0.04. better than the Capital IQ Consensus Estimate of $0.15. Said it still expects to boost 2013 dividend 20% over 2012, which would work out to $0.383 in Q4 - up 12.9% over Q3.

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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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