Natural Gas prices continued its decline Monday as the current supply glut has shown no signs of easing. On Monday, the Energy Department's Energy Information Administration reported that there is 10 percent more natural gas in shale formations globally than previously estimated. Shale gas currently accounts for 40% of total production in the U.S., according to the EIA. The news follows a separate report released Monday that showed inventories grew by 111 billion cubic feet, surpassing analysts’ expectations of a 95-bcf rise. Here is how some natural gas stocks reacted Monday:
Encana Corporation (NYSE:ECA - News)(TSX:ECA.TO - News) shares traded in the range of $18.30 to $18.58 Monday before settling to close at $18.56, an increase of 0.27 percent. The stock appears to be facing resistance at $18.60 with some support at $18.41. The company reported operating earnings were $179 million, or $0.24 per share, for the first quarter of 2013 compared to earnings of $240 million, or $0.33 per share in the year ago quarter. Shares of Encana have fallen approximately 6.0 percent in 2013.
More information on Encana and access to the free equity report can be found at: www.WallStreetFundamentals.com/ECA
Range Resources Corp. (NYSE:RRC - News) shares traded in the range of $75.89 to $76.95 Monday before settling to close at $76.29, an increase of 0.17 percent. The stock appears to be facing some resistance at $78.00 with support at $75.67. The company reported record daily production of 876 Mmcfe per day for the first quarter of 2013, an increase of 34 percent when compared to the year ago quarter. Shares of Range Resourceshave gained approximately 21.0 percent in 2013.
More information on Range Resources and access to the free equity report can be found at: www.WallStreetFundamentals.com/RRC
Southwestern Energy Company (NYSE:SWN - News) shares traded in the range of $37.95 to $38.49 Monday before settling to close at $38.36, an increase of 0.18 percent. The stock appears to have some resistance at the $38.86 and $39.26 levels. The company has recently closed the acquisition of approximately 162,000 net acres in the Marcellus Shale from Chesapeake Energy Corp. Shares of Southwestern Energyhave gained approximately 14.8 percent in 2013.
More information on Southwestern Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/SWN
EXCO Resources Inc. (NYSE:XCO - News) shares traded in the range of $8.03 to $8.35 Monday before settling to close at $8.14, a decrease of 1.81 percent. The stock appears to have resistance at the $8.19 with some support at $7.91. The company reported a net income of $158 million, or $0.74 per diluted share, for the first quarter of 2013, compared to a net loss of $282 million, or $1.32 per diluted share, in the year ago quarter. Shares of EXCO Resources are up approximately 20.2 percent in 2013.
More information on EXCO Resources and access to the free equity report can be found at: www.WallStreetFundamentals.com/XCO
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