Sector Update: Energy
Energy stocks were sharply lower, with the NYSE Energy Sector Index sinking about 2.5% while shares of energy companies in the S&P 500 were down 2.2% as a group. Crude oil for December delivery was down $2.57 at $76.21 per barrel while December natural gas was up another 6 cents to $4.11 per 1 million BTU.
In company news, PetroQuest Energy ( PQ ) was floundering in Tuesday trading after the oil and natural gas producer grew Q3 net income and revenue compared with the same quarter last year but still missed Street estimates for the period.
The company earned $4.67 million, or $0.07 per share, during the three months ended Sept. 30, improving on a $383,000 profit last year but trailing analyst forecasts by $0.03 per share. Revenue rose 1.6% year over year to $56.5 million, lagging the Capital IQ consensus by around $6.12 million.
Natural gas production during the September quarter rose 6.6% over the year-ago period to 11.6 billion cubic feet equivalent. Oil and natural gas liquids made up about 30% of the company's Q3 volume, up from 23% from last year.
For the quarter quarter, the company is expecting between 122 million to 128 million equivalent cubic feet of natural gas per day. Production averaged 125.8 million cubic feet during Q3.
PQ shares recently were down nearly 8% at $4.0.7 apiece, up from a session low of $3.77 a share. The stock has traded within a 52-week range of $3.64 to $7.82 a share, slipping nearly 9% over the past 12 months through Monday's close.
In other sector news,
(-) ENBL, (-1.7%) Q3 net income rises to $139 mln, or $0.33 per share, up 34% from $104 mln profit last year and beating Street view by $0.06 per share. Revenue rises 1.4% to $803 mln, topping estimates by $1.68 mln. Boosts quarterly distribution by 2.5% to $0.3025 per share.
(-) CRK, (-14,3%) Q3 net loss of $0.05 per share lags Capital IQ consensus by $0.13 per share. Revenue climbs 30% year over year to $145 mln, trialing Street view by $9.1 mln.
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