Energy Stocks Getting Pulled Under by Dip in Crude Oil Prices, Broader Markets


Energy stocks were narrowly mixed today, with the NYSE Energy Sector Index rising 0.1% while shares of energy companies in the S&P 500 were down 0.2% as a group. Crude oil for December delivery was little changed this afternoon, slipping 3 cents lower to $46.77 per barrel while December natural gas futures were 15 cents lower at $2.88 per 1 million BTU.

In company news, CONSOL Energy (CNX) advanced Tuesday after the coal miner today reported Q3 revenue that beat analyst forecasts.

Excluding one-time items, the company recorded a $0.15 per share net loss, $0.02 per share wider than the Capital IQ consensus. But revenue rose 3.4% over year-ago levels to $745.58 million, topping the analyst mean by $179.12 million.

The company today also said it was working to reaffirm its borrowing base with lenders, with the process expected to be completed later this month.

CNX shares were up almost 7% at $18.09 apiece this afternoon, earlier topping out today at $18.77 a share.

In other sector news,

(+) PES, (+5.6%) Q3 net loss of $0.29 per share is $0.04 narrower than Capital IQ consensus. Revenue falls 36.4% from year-ago levels to $68.4 mln, also topping the $63.47 mln Street view.

(-) EVEP, (-14.3%) Lenders re-affirm $450 mln borrowing base. Company has $281 mln in current borrowings under the facility, leaving $169 million of available capacity.