Natural gas prices fell to a 2.5 month low Thursday due to a larger than expected rise in inventories. The U.S. Energy Information Agency’s weekly inventory report showed stockpiles increased by 111 billion cubic feet, above industry experts’ expectations of 93 billion to 97 billion, according to a survey conducted by Platts. Natural gas for July delivery declined 4.3 percent to settle at $3.827 a million British thermal units on the New York Mercantile Exchange. Here is how some natural gas stocks reacted Thursday:
Chesapeake Energy Corporation (NYSE:CHK - News) shares traded in the range of $21.19 to $21.68 Thursday before settling to close at $21.67, an increase of 0.70 percent. The stock appears to be facing some resistance at $21.83 with some support at 21.29. The company reported an adjusted net income of $183 million for the first quarter of 2013, a year-over-year increase of 95 percent. Shares of Chesapeake Energy have gained over 30 percent so far in 2013.
More information on Chesapeake Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/CHK
Devon Energy Corp. (NYSE:DVN - News) shares traded in the range of $54.83 to $58.00 Thursday before settling to close at $55.83, a decrease of 1.43 percent. The stock appears to be facing some resistance at $56.54 with some support at $54.92. The company has announced plans to form a publicly traded midstream master limited partnership. Shares of Devon Energy are up approximately 7.25 percent so far in 2013.
More information on Devon Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/DVN
Quicksilver Resources Inc. (NYSE:KWK - News) shares traded in the range of $1.91 to $2.13 Thursday before settling to close at $2.03, a decrease of 0.98 percent. The stock appears to be facing some resistance at $2.22. During the first quarter of 2013, the company signed and closed an agreement to sell 25 percent of its Barnett Shale assets to TG Barnett Resources LP, a subsidiary of Tokyo Gas Co., Ltd. Shares of Quicksilver Resourcesare up approximately 7.25 percent so far in 2013.
More information on Quicksilver Resources and access to the free equity report can be found at: www.WallStreetFundamentals.com/KWK
SandRidge Energy Inc. (NYSE:SD - News) shares traded in the range of $4.85 to $5.07 Thursday before settling to close at $4.94, a decrease of 1.0 percent. The stock appears to be facing some resistance at $5.08 with some support at $4.80. A total of 169 operated wells were completed and brought on production in the first quarter of 2013. Shares of SandRidge Energy have fallen approximately 22.0 percent so far in 2013.
More information on SandRidge Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/SD
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