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Sector Update: Energy

Energy stocks are mostly lower, with the NYSE Energy Sector Index sinking more than 1.0% while shares of energy companies in the S&P 500 are down nearly 0.9% as a group. Crude oil for January delivery is down 82 cents at $97.69 per barrel while January natural gas is up 8 cents to $4.32 per 1 million BTU.

In company news, Panhandle Oil & Gas ( PHX ) is up 5.6% at $32.61 a share, climbing back to within 23 cents of its best levels of the session after this morning reporting fiscal Q4 net income and revenue that rose year over year while also beating analyst expectations for the period.

PHX earned $0.68 per share during the three months ended Sept. 30, up sharply from a $0.02 gain last year and breezing the Capital IQ consensus by $0.26 per share. Revenue rose 67% over the same quarter last year to $18.4 million, topping analyst projections by around $2.5 million.

Company management attributed the big rise in revenue to a 19% rise in natural gas prices compared to last year, coupled with a 27% production increase as PHX further develops the Fayetteville shale formation in Arkansas.

In other sector news,

(+) SWN, (-1.6%) Projects total net gas and oil production of 740 to 752 bln cubic feet in 2014, up about 14% over current levels. Also forecasts FY14 net income of $560 mln to $720 mln and EBITDA of $1.8 bln to $2.1 bln. Street is expecting EBITDA of $2.2 bln.

(-) AMID, (-1.8%) Acquires three multi-modal terminal facilities in Louisiana, Georgia and Maryland from ArcLightCapital Partners for $60 mln. The deal is seen immediately adding to distributable cash flow. Pipeline firm also plans offering of 2.4 mln shares.

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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