Sector Update: Energy
Energy stocks were ending higher Tuesday with the NYSE Energy Sector Index climbing 0.9% while shares of energy companies in the S&P 500 were up 1.0% as a group. Crude oil for May delivery settled $2.12 higher at $102.56 per barrel while May natural gas was up 6 cents higher at $4.53 per 1 million BTU.
In company news, China Ming Yang Wind Power Group ( MY ) overcame another steep Q4 net loss and falling revenue during the three months ended Dec. 31 to post strong gains in its share price today.
The wind-power equipment manufacturer reported a net loss of $67.9 million (RMB411.3 million), or $0.56 per American depository shares, expanding on a $22.9 million net loss in the year-ago period. Revenue slid 40% year over year to $89.4 million.
No analyst estimates were available for comparison.
MY ADS were up 17.7% at $3.03 each, just 6 cents off its session high. The stock has a 52-week range of $1.15 to $4.34 per ADS, rising almost 144% over the past year.
The China-based company posted a Q4 loss attributable to shareholders of RMB411.3 million ($67.9 million), or RMB3.36 ($0.56) per share, compared with RMB141.9 million, or RMB1.16 per share, a year earlier. No analyst estimates were available for comparison via Capital IQ.
Revenue tumbled 40% to RMB541.2 million ($89.4 million). The revenue drop came as total wind turbine generators for which revenue was recognized amounted to an equivalent wind power project output of 175.5 megawatts, down 32% on the year.
In other sector news,
(+) GST, Said production from its properties in Marcellus Shale formation in West Virginia - temporarily shut-in since Saturday because of a ruptured Williams Partner ( WPZ ) pipeline - could resume as soon as tonight.
(-) JRCC, Files voluntary petition for bankruptcy protection in the Eastern District of Virginia. Secures $110 mln in debt-in-possession financing from a group of lenders.
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