Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Swift Energy (NYSE:SFY) fell as much as 10% today, after the company reported earnings.
So what: Third quarter revenue fell 9.6% from a year ago, to $128.8 million, but was well short of the $134.8 million that analysts expected. But Swift did report earnings of $0.07 per share, which was $0.04 ahead of estimates.
Now what: Management still expects to grow production and reserves by double digits in 2012, but is cutting back on next year's capital spend. Low energy prices have hurt companies across the industry, and this has hit Swift on the top and bottom lines. I don't see a reason to buy any oil and gas production stock until prices pick up, and that's dependent on the economy right now.
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