0.31%QQQQ 43.45 
0.48%XLF 21.74 3.62%
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NEW YORK - Shares of XTO Energy Inc., which acquires and develops oil and natural gas properties in the U.S., fell in Wednesday midday trading, a day after the company reported a 30 percent profit increase, but also said it will boost capital spending and issue 26 million shares to finance acquisitions and repay debt.
| XTO | 48.6 |  1.08 |
XTO shares fell $4.87, or 9.2 percent, to $48.24. Oil prices continued to fall as well, losing $3.98 a barrel to settle at at $124.44 on the New York Mercantile Exchange.
XTO increased its 2008 budget for development and exploration spending to $3.5 billion from $3 billion, and added another $100 million to a planned $500 million in spending on construction of pipeline infrastructure, compression and processing facilities.
KeyBanc Capital Markets analyst Jack Aydin said in a note to investors that XTO's plans to double production and reserves by 2011 could be conservative. "Management has already met its goal of growing proved reserves by 15 percent by year-end 2009, with the series of acquisitions announced this year," he wrote.
Aydin adjusted his third quarter, 2008 and 2009 earnings estimates lower for XTO and kept his "Hold" rating on the shares.
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