Natural Gas Continues its Run; XTO Energy (XTO) Reports

Submitted By Trader Mark
We've been discussing natural gas the past two weeks, first as a complete laggard that was not participating; then as a speculative reversal

I only point this chart out to disprove anyone who says speculation has nothing to do with these commodities... clearly the supply / demand dynamic has shifted 20% in just over a week. ;)

That said, that is one nice "double bottom". Nice to see XTO Energy (XTO) bounce - they who need not give CEO $100M+ have a nice report. They beat analysts expectations even if you do include the 1x charges.

Shares of XTO Energy(XTO Quote) got a sharp boost Wednesday from earnings that exceeded expectations on increased production during the first quarter, as well as encouraging oil-inventory data from the Energy Department.
Excluding items, XTO said adjusted earnings for the quarter came in at $531 million, or 91 cents per share. Analysts polled by Thomson Reuters were looking for EPS of 77 cents in the quarter. One-time items in the just-ended period include $79 million in write-downs on the value of XTO's oil and gas properties. Including that charge, XTO earned $486 million, or 83 cents a share, compared with $465 million, or 92 cents a share a year earlier.
Revenue, meanwhile, jumped 29% to $2.16 billion, up from $1.67 billion in the prior-year period and higher than analysts' targets of $2.12 billion.
The Fort Worth, Texas, oil and gas producer also hiked its growth forecasts for the year, saying it believes gas production in 2009 will increase 16% over 2009.
The company turned in the surprising results even as prices declined -- the average gas price in the first quarter fell 6% -- but the company offset those pressures with production volumes that ratcheted higher compared with the year-ago period. Oil drilling in shales was particularly strong, the company said.

EOG Resources (EOG) continues its nice run. Devon Energy (DVN) also had an excellent day - another throw a dart into the right sector and watch the student body trading take over. I am not a chaser type generally but chasing has been 100% the absolute way to play anything the past 4-6 weeks.

p.s. Cisco (CSCO) beat after the bell and yes I was "shocked" and "surprised" they did it. See you 2% higher on the S&P tomorrow. After that - 27 more sessions of 2% each to all time highs.

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