Energy stocks were little changed in late trade with the NYSE Energy Sector Index rising about 0.1% while shares of energy companies in the S&P 500 were up less than 0.1% as a group. Crude oil for July delivery settled $1.75 higher at $104.41 per barrel while July natural gas was down 7 cents at $4.65 per 1 million BTU.
In company news, EOG Resources ( EOG ) has turned narrowly lower in late Monday trade, giving back earlier gains that lifted the stock to a new all-time high following a weekend Barron's article concluding the company's annual earnings also are poised for a big jump after growing Q1 production 42% over year-ago levels.
According to the magazine, EOG earnings during the 12 months ending in December should rise 32% over FY13 if the company can extend its production gains through the full year. That would work out to a $5.43 per share annual profit, lifting the firm to within $0.02 of the $5.45 per share analyst consensus.
EOG shares recently were down about 0.1% at $109.19 each after earlier climbing to a fresh record high of $110.74 a share soon after the opening bell and again shortly before 12 p.m. ET. The stock has risen 65.5% over the past 12 months.
In other sector news,
(+) CHK, Board approves plan to spin off its oilfield-services firm into a standalone public company operating as Seventy Seven Energy Inc. Shareholders will receive one Seventy Seven share for every 14 CHK shares they own.
(-) ESTE, Restarts testing and completion operations at its previously unproductive and 96% owned WCNU No. 126 well after acid stimulation last week. Two other nearby wells are partially completed and shut-in pending No. 126 results.
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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.
