Markets

Sector Update: Energy

Energy stocks were moderately lower, with the NYSE Energy Sector Index falling about 0.3% while shares of energy companies in the S&P 500 were down about 0.4% as a group. Crude oil for May delivery continued its recent skid, declining another $1.14 to currently fetch $100.80 per barrel in commodities trading while May natural gas was down 6 cents at $4.65 per 1 million BTU.

In company news, Weatherford International Ltd (WTF) stock rose sharply Friday, reaching a three-year high after late Thursday reporting Q1 per-share earnings beating analyst projections although revenue came up short of the market consensus.

Shares of the oilfield-services company were ahead 10.4% at $20.33 apiece in mid-day trading after earlier advancing to a session high of $20.58 a share, matching some of its best levels since April 2011.

The company recorded non-GAAP net income of $99 million, or $0.13 per share, topping the Capital IQ consensus by $0.02 per share. Revenue declined 6.3% year over year to $3.60 billion, trailing analyst estimates by around $110 million.

WFT also reaffirmed its FY14 guidance, forecasting per-share earnings of $1.10 to $1.20, excluding non-recurring items, exceeding expectations by at least $0.10 per share.

In other sector news,

(+) SPN, (+1.2%) Reports $0.27 per share in net income from continuing operation during Q1, $0.06 better than the Capital IQ consensus. Revenue falls 2.3% year over year to $1.06 bln, trailing Street view by about $30 million.

(-) SDT, (-2.5%) Lowers quarterly distribution by 14.75% from prior quarter to $0.4263 per common unit, reflecting sub-par production and sales volumes due to severe winter weather during the Dec. 1 to Feb 28 period.

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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