Energy stocks were 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 was up 52 cents at $100.51 per barrel while June natural gas was down 8 cents to $4.45 per 1 million BTU.
In company news, EV Energy Partners LP ( EVEP ) equity units were lower after the exploration and production company reported a smaller net Q1 net loss compared to year-ago levels.
EVEP reported a net loss of $6.3 million, or $0.14 per unit, improving on a $1.06 million net loss during the same quarter last year. The latest results included $16.8 million of non-cash losses on commodity and interest-rate derivatives as well as $4.5 million in non-cash expenses and $2.3 million of payroll tax-related cash costs and likely is not comparable to the $0.21 gain analysts, on average, were expecting, according to Capital IQ.
Total revenues rose 29.3% year over year to $95.3 million, beating analyst estimates by $2.68 million.
EVEP shares were down 0.4% at $33.13 each, earlier sinking as low as $32.98 a share. The stock has a 52-week range of $30.53 to $43.45 a share, sliding 14.6% over that span.
In other sector news,
(-) GURE, (-25.3%) 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, (-18.8%) Trims its Q2 guidance by $0.16 to 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
