Sector Update: Energy
Energy stocks were mixed Tuesday, with the NYSE Energy Sector Index slumping about 1.0% while shares of energy companies in the S&P 500 were up about 0.2% as a group. Crude oil for September delivery was down $1.07 at $100.60 per barrel while August natural gas was down 2 cents to $3.75 per 1 million BTU.
In company news, shares of Arch Coal ( ACI ) were advancing Tuesday after the miner reported a smaller Q2 net loss than analyst were expecting although revenue for the three months ended June 30 failed to meet expectations.
Net loss for the quarter was $96.9 million, or $0.46 per share, expanding on a $72.2 million loss during the year-ago period. Excluding one-time items, the adjusted net loss remained at $0.46 per share, topping the Capital IQ consensus by $0.02 per share.
Revenue fell 6.9% year over year to $713.8 million, trailing the Street view by around $4.7 million.
ACI shares were ahead about 5.4% at $3.02 apiece in afternoon trading, just 3 cents off their session high. The stock has a 52-week range of $2.82 to $5.37 a share, sliding 25.5% over the past 12 months.
In other sector news,
(+) RRC, (+2.3%) Q2 revenue grows 9.1% year over year to $477.52 mln, topping analyst estimates by $3.4 mln. Reaches record production of 1.105 mln cubic feet of natural gas per day, a 21% increase over year-ago levels. EPS of $0.36 lags Street view by $0.05.
(-) BP, (-2.8%) Warns additional Western sanctions on Russia could harm its business there along with its relationship with Rosneft, the Russian state oil company
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