Energy Stocks Pacing Market Gains

Technology Stocks News 13

Energy stocks were sharply higher Monday with the NYSE Energy Sector Index rising about 1.9% while shares of energy companies in the S&P 500 were ahead nearly 2.3% as a group. Crude oil for April delivery was up 59 cents at $102.79 per barrel while March natural gas shed 11 cents today to $4.90 per 1 million BTU.

In company news, Magnum Hunter Resources Corp (NYSE:MHR) shares turned lower, giving back a jump to a new 52-week high earlier in the session after the oil and gas company Monday reported a smaller adjusted Q4 net loss than analysts were expecting but also trailed the consensus view with its quarterly revenue despite doubling year-ago levels.

Adjusted net loss for the final three months of 2013 was $0.14 per share, reversing a $0.05 profit in the year-ago quarter but still topping the Capital IQ consensus by $0.07 per share. Including one-time items, MHR lost $61.2 million, or $0.36 per share.

Total revenue rose just over 100% year over year to $77.6 million, which included a 64% increase in oil and gas revenue to $59.4 million and a 595% spike in mid-stream and marketing revenue to $18.2 million. Analysts, on average, had been expecting the company to generate around $84.72 millin in revenue during its December quarter.

The company late Friday rescheduled the earnings announcement, pushing up the release date by a week from its original plans.

MHR shares were down 2% at $8.75 apiece in recent trading, earlier advancing to a new 52-week high of $9.27 a share. The stock had climbed to within 2 cents of its former 52-week high of $9.22 during Friday’s session prior to falling 2.5% by the closing bell.

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