Energy Sector Review: Winning and Losing Stocks on Jan 5th

CNOOC Limited (NYSE:CEO): Chinese Oil giant CNOOC ays its parent company, China National Offshore Oil, has filed an application with the Chinese government to establish a foundation for marine environmental and ecological protection. The foundation will focus on protecting the marine environment and ecology as well as conducting and advancing related scientific research and technology.

The shares closed at $196.44, up $12.69, or 6.91%, on the day. Its market capitalization is $87.75 billion.

China Petroleum (NYSE:SNP): CNOOC and Sinopec are reportedly competing to buy a 30% stake in Texas-based shale-gas firm Frac Tech Holdings in a deal that could be worth ~$2B. State-owned Saudi Aramco is also said to be bidding.

The shares closed at $115.50, up $5.6, or 5.1%, on the day. Its market capitalization is $100.14 billion.

Callon Petroleum Company (NYSE:CPE): Callon Petroleum soars after its Q3 EPS blows out estimates, boosted by strong hedging results in its natural gas unit. Operating revenue jumped 64% over a prior-year results that were marred by low output. Production growth rose 23% Y/Y, as the company transitions its focus from offshore wells in the Gulf of Mexico to its inshore operations in the Permian Basin.

The shares closed at $5.66, up $0.26, or 4.81%, on the day. Its market capitalization is $222.99 million.

Tesoro Corporation (NYSE:TSO): Issuing downside guidance due to an “extremely weak margin environment in California and the collapse of the West Texas Intermediate to Brent crude oil spread.” The refiner sees a Q4 EPS loss of $0.55-$0.80 vs. consensus $0.67 loss, and FY12 EPS of $3.85-$4.10 vs. consensus $5.34.

The shares closed at $22.60, down $1.41, or 5.87%, on the day. Its market capitalization is $3.15 billion.

GMX Resources Inc. (NYSE:GMXR): Capital One Southcoast upgrades GMX Resources to Strong Buy. Firm notes that the last time shares fell to this level (Sep. 2009), they rallied 79% in 6 weeks.

The shares closed at $13.11, down $0.57, or 4.17%, on the day. Its market capitalization is $409.21 million.

Mcmoran Exploration Co (NYSE:MMR): McMoRan Exploration holds on to gains late in the day after its Q3 loss per share came in better than consensus. The company reported revenue of $138M, easily topping Street estimates for $124M.

The shares closed at $13.89, down $0.49, or 3.41%, on the day. Its market capitalization is $2.24 billion.

Penn Virginia Corporation (NYSE:PVA): Oil-and-gas explorer Penn Virginia lowers its production guidance for Q4, citing the timing of its Eagle Ford Shale projects and a revision in the method it uses for estimating production from its Eagle Ford wells. It now expects between 10.7 bcfe to 11 bcfe, down from earlier estimates of around 12.2 Bcfe to 12.7 Bcfe.

The shares closed at $5.28, down $0.17, or 3.12%, on the day. Its market capitalization is $241.34 million.

To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com