Markets

Sector Update: Energy

Energy stocks were ending moderately higher Tuesday with the NYSE Energy Sector Index climbing 0.2% while shares of energy companies in the S&P 500 were up 0.4% as a group. Crude oil for June delivery settled $1.11 higher at $101.70 per barrel while June natural gas fell 8 cents to finish at $4.36 per 1 million BTU.

In company news, Acorn Energy ( ACFN ) Tuesday fell to a five year low after analysts at Chardan Capital Markets cut their rating for shares of the energy infrastructure equipment company to Neutral from Buy.

The research shop also removed its $20 a share price target for the stock.

The downgrade follows ACFN Monday posting a $0.19 per share Q1 net loss, a penny wider than analyst forecasts. Revenue of $4.45 million trailed Capital IQ consensus by $660,000.

ACFN shares were down 13.3% at $1.82 each, earlier dropping to a session low of $1.64, matching some of its worst share prices since December 2008.

In other sector news,

(+) ECA, Reverses year-ago $431 mln net loss, posting $116 mln Q1 profit, Excluding items, earns $0.70 per share, up from $0.24 in year-ago period and beating analyst consensus by $0.18. Net sales rise 78% to $1.9 mln, matching Street view.

(-) PVA, Q1 Adjusted net loss of $0.12 per share was $0.05 wider than estimates. Revenue rises 128.2% year over year to $189.9 mln, crushing Capital IQ consensus by $54.79 mln.

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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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