Sector Update: Energy
Energy stocks were ending higher this afternoon with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 were up 0.6% as a group. Crude oil for June delivery settled 67 cents higher at $100.66 per barrel while June natural gas fell 10 cents to finish at $4.43 per 1 million BTU.
In company news, shares of BPZ Resources Inc. ( BPZ ) enjoyed a strong bounce higher Monday, rising nearly 12% after analyst Irene Hass at Wunderlich Securities today raised her price target for shares of oil and gas company by $1 to $7 a share.
Hass also reiterated a Buy rating for the stock.
The moves follow BPZ reporting Q1 results that beat analyst forecasts. Net loss for the three months ended March 31 was $0.03 per share, half the $0.06 loss Wall Street was expecting for the period. Revenue rose 57.9% year over year to $21 million, topping analyst projections by around $910,000.
BPZ shares were up 11.8% at $2.90 apiece in recent trade, matching their session high. The stock has a 52-week range of $1.58 to $3.25 a share, advancing 48.5% in value over the past year.
In other sector news,
(-) GURE, Reports Q1 net income of $4.3 mln, or $0.11 per share, more than doubling its $1.9 mln profit in the year-ago period. Revenue climbs 14% year over year to $25.6 million. No analyst estimates were available for comparison.
(-) CLB, Trims Q2 guidance by $0.16 to a new range of $1.32 to $1.35 per share, trailing consensus by $0.18. Revenue outlook cut by $15 mln to $265 mln to $270 mln, lagging Street by at least $1.99 mln. Also reduces FY14 EPS, revenue expectations.
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