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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery lost nine cents to $68.10 on the New York Merc, while Brent for June lost 10 cents to $74.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.85 to WTI ($49.25), unchanged. Natural gas for June lost five cents to $2.77. The TSX energy index lost 2.59 points to 198.93.
Anthony Marino's Vermilion Energy Inc. (VET) fell $1.90 to $43.07 on 1.02 million shares after releasing its first quarter results. It produced 70,167 barrels of oil equivalent a day, down from 72,821barrels a day in the previous quarter. It blames both planned and unplanned downtime, including Canadian downtime because of cold weather and Dutch downtime because of a regulatory delay. Canaccord Genuity analyst Dennis Fong is disappointed by the results, specifically Vermilion's cash flow per share of $1.24, which fell short of his predicted $1.37. Nonetheless, Mr. Fong maintains his buy rating with a price target of $57.
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