Sector Update: Flat Pre-Market as Crude Oil Futures Rise
Top Energy Stocks
Energy shares traded generally flat in pre-market trade Monday as crude oil futures were up.
Light, sweet crude oil for July delivery was up 0.68% at $103.36 per barrel. In other energy futures, heating oil was up 0.16% at $2.88 per gallon while natural gas was up 0.32% at $4.72 per million British thermal units.
In other energy news, Chesapeake Energy ( CHK ) Monday said its board of directors approved the spin-off of its oilfield services business into a stand-alone company.
Seventy Seven Energy will become a publicly traded company and will be separated from Chesapeake through the distribution of its common stock to holders of Chesapeake common stock on a pro-rata basis. If approved, Seventy Seven Energy's shares will be listed on the New York Stock Exchange under the symbol "SSE."
CHK was flat in pre-market trading on Monday after closing at $29.72.
And, Ferrellgas Partners ( FGP ) reported fiscal Q3 earnings and sales that missed analysts' expectations but raised its guidance for FY14 adjusted ebitda.
The distributor of propane and related equipment said earnings in the quarter ended April 30 rose slightly to $44.9 million or $0.57 per share from $44.2 million or $0.56 the year earlier, missing the average $0.64 estimate from analysts polled by Capital IQ. Revenue rose to $722.1 million from $603 million, short of the $749 million consensus estimate.
The company said it now expects fiscal 2014 adjusted ebitda between $285 million and $290 million, up from previously $275 million to $285 million.
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