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Sector Update: Energy

Energy stocks were mixed this afternoon with the NYSE Energy Sector Index rising about 0.4% while shares of energy companies in the S&P 500 were down about 0.8% as a group. Crude oil for September delivery was down 68 cents at $97.40 per barrel while September natural gas was up 4 cents to $4.00 per 1 million BTU.

In company news, Schlumberger ( SLB ) retreated Tuesday after the oilfield-services company said Western sanctions on Russia could trim as much as $0.03 per share from its Q3 earnings.

The European Union and the U.S. July 29 announced a new slate of economic sanctions targeting Russia's banking and defense industries in addition to its energy interests. The moves were "placing some restrictions on the engagement of certain people and equipment in our Russian operations, which in the short term, will affect operational efficiency and costs in Russia," SLB said this morning.

The company, on average, is expected to earn around $1.51 per share within a range of $1.45 to $1.57 per share during the current quarter ending in September, according to a survey of 31 analysts polled by Capital IQ.

SLB shares recently were down about 0.8% at $108.31 apiece after earlier sliding to a session low of $107.99 a share. The stock has traded within a 52-week range of $79.80 to $118.76 a share, rising just over 38% over the past 12 months.

In other sector news,

(+) ATLS, (+2.2%) CNBC commentator Jim Cramer touts the master limited partnership in the wake of Morgan Kinder's ( KMI ) Monday announcement to unite its three operating affiliate into a single entity.

(-) BPL, (-3.4%) Prices public offering of 2.6 mln limited partnership units at $76 each, a 3.8% discount to Monday's closing price. Proceeds will be used to reduce debt under its revolving credit facility and for other general partnership purposes.

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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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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