Top Energy Stocks
Energy stocks were slightly higher in late trade today with the NYSE Energy Sector Index advancing less than 0.1% while shares of energy companies in the S&P 500 were up about 0.3% as a group. Crude oil for September delivery settled 22 cents higher at $97.59 per barrel while September natural gas dropped 14 cents to finish at $3.83 per 1 million BTU.
In company news, Parsley Energy ( PE ) reversed early gains and was trading lower shortly before Wednesday's closing bell after the oil and gas company reported Q2 earnings and revenue topping analyst estimates.
PE was down about 2.5% at $21.42 late in today's trade, giving back an early advance to $23.00 a share, rising about 4.7%. Since pricing its IPO at $18.50 a share on May 23, the stock was ahead about 18.8% through yesterday's close.
The company recorded a $38.6 million net loss, or $1.19 per share, during the three months ended June 30, reversing an $11.1 million profit during the same quarter last year.
Excluding around $50.6 million in incentive compensation triggered by PE's initial public offering and a $12.8 million non-cash loss on commodity derivatives, the company posted adjusted earnings of $17.9 million, or $0.14 per share, topping the Capital IQ consensus by $0.05 per share.
Revenue rose 43% year over year to $82.3 million, beating estimates by around $5.2 million.
In other sector news,
(+) GPOR, Launches $250 mln private placement of its 7.750% senior notes due 2020. The company expects to use net proceeds to repay debt owed under its revolving credit facility and for general corporate purposes.
(-) REXX, Prices offering of 1.4 million depository shares, generating around $135.2 mln in net proceeds slated to pay for the company's purchase of additional properties in the Marcellus and Utica shale formations in Pennsylvania and Ohio.
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