MW: Energy stocks rise from lows on consumer sentiment
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks rose to mixed trading Tuesday, rising up from lows earlier in the session, on a better-than-expected consumer sentiment data.
The Conference Board said its confidence index came to 49.5 for November, up from a revised 48.7 in October and ahead of the forecast of 45.5.
Much of the sector remained in the red, however, after the government revised its estimate of growth in gross domestic product for the third quarter down to a 2.8% annualized rate, matching economists expectations.
The NYSE Arca Oil Index (XOI 1,087, -1.04, -0.10%) rose 0.1% to 1,090.
The NYSE Arca Natural Gas Index (XNG 501.10, -1.06, -0.21%) dipped 0.1% to 502.
The Philadelphia Oil Service Index (OSX 191.36, -0.57, -0.30%) fell 0.2% to 192.
Energy stocks resisted deeper losses in the commodities trading pits, where crude-oil futures subtracted $1.32 to stand at $76.24 a barrel. See more on what's moving crude oil futures.
Individual decliners included shares of Rowan Cos. (RDC 24.69, -0.50, -1.99%) , down 1.9%, and Questar Corp. (STR 39.50, -0.68, -1.68%) , off 1.8%..
In the spotlight, shares of BJ Services (BJS 18.80, +0.01, +0.05%) edged up 0.2% to $18.83. The company reported fourth-quarter financial results on Monday. See article on BJ Services' results.
Analysts at Pritchard Capital Partners cut their fiscal 2010 earnings estimate to 40 cents a share from 43 cents a share based on near-term margin pressures. They also raised the company's profit forecast for fiscal 2011 to 91 cents a share from 75 cents previously, on a slightly higher revenue base.
"The quarter was modestly disappointing on weak margins," the Pritchard analysts said.