El Paso (EP) Swings To Profit And Approaches 52-Week High

Shares of El Paso Corporation (NYSE: EP) approached their 52-week high of $11.45 today, after the natural gas producer and pipeline operator swung to a 4th quarter profit and beat Wall Street expectations.

El Paso Corporation reported a 4th quarter profit of $265 million, or 36 cents per share, compared to a loss of $1.69 billion, or $2.43 per share, for the same quarter a year earlier.

Adjusted earnings rose to 34 cents per share, up from 21 cents per share.

Although revenue fell to $1.19 billion from $1.34 billion, El Paso Corporation managed to beat the Wall Street consensus forecast of 26 cents earnings per share, while missing the revenue target of $1.24 billion.