Markets

Sector Update: Energy

Energy stocks turned positive late Friday with the NYSE Energy Sector Index rising about 0.1% while shares of energy companies in the S&P 500 were holding on to a 0.5% rise as a group.

In company news, American depository shares of Andatee China Marine Fuel Services Corp ( AMCF ) rallied Friday after the Chinese supplier of blended fuel oil for cargo and fishing vessels today reported Q2 revenue that more than doubled the single analyst estimate for the quarter.

AMCF shares were ahead nearly 56% shortly before the closing bell today, earlier climbing to their highest levels since November 2011 at $3.36 a share.

Revenue during the three months ended June 30 swelled 131.67% to $175.5 million, easily beating the lone analyst's prediction of around $85.4 million in quarterly revenue.

Net income grew to $2.9 million, or $0.28 per share, reversing a $79,414 net loss during the same quarter last year. The analyst did not make an estimate for Q2 earnings.

The company attributed the vastly improved results to its decison of switching from retail fuel oil sales to instead focus on sales to large wholesalers in extended geographic markets, such as in Shanghai and Zhejiang provinces.

In other sector news,

(+) UPL, Raised to Buy from Neutral at UBS.

(-) ULTR, Excluding about $200,000 in one-time costs, the oil tanker firm reports Q2 adjusted net income of $2.9 million, or $0.02 per share, lagging estimates by $0.05 per share. Revenue declined 18.4% year to $99.4 mln, trailing Street by around $33.19 mln.

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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