Dividend.com: Anadarko Battles Higher

Anadarko Petroleum Posts $338 Million Loss

Oil producer Anadarko Petroleum (APC Quote) said late Wednesday that it lost $338 million in the first quarter, hurt by lower oil and natural gas demand and prices.

The Woodlands, Texas-based company reported a first-quarter net loss of $338 million, or 73 cents per share, compared with a profit of $286 million, or 60 cents per share, in the year-ago period. Excluding one-time items, the quarterly loss came to $242 million, or 53 cents per share.

On average, Wall Street analysts expected a loss of 62 cents a share, excluding items.

Revenue tumbled 46% to $1.6 billion from $3 billion in the same period last year.

The company said that the price it got for natural gas fell to $3.26 per thousand cubic feet in the latest quarter, compared with $6.17 in the year-ago period, while the price it received per barrel of oil fell to $40.06 from $78.21.

Anadarko shares rose $1.64, or +3.4%, in morning trading Thursday.

We removed shares of APC from our "Recommended" list back on July 23, when the stock was trading at $62.84. The company has a dividend yield of .75%, based on last night's closing stock price of $48.26.

The stock has technical support in the $38-$42 price area. If the shares can continue the recent rebound, we see overhead resistance around the $54-$57 price levels. We would remain on the sidelines for now.

Anadarko Petroleum Corporation is not recommended at this time, holding a Dividend.com DARS Rating of 3.2 out of 5 stars.