Energy Stocks: Nabors rally 7% to help oil stocks edge higher

SAN FRANCISCO (MarketWatch) � Nabors Industries rallied 7% on Wednesday, helping energy stocks to buck the market trend and edge higher.

Nabors NBR �took the crown as the best in the sector as its adjusted earnings came in better than analysts� estimates.

On a generally accepted accounting principles basis, it swung to a fourth-quarter loss on charges related to the departure of its former chief executive and losses at natural gas assets. See details on Nabors� results

Halliburton Co. HAL and National Oilwell Varco Inc. NOV were also notable gainers, each adding more than 3%.

Click to Play Dow snaps win streak

Stocks faltered for the first day in four amid caution on the European economy and uncertainty about the implementation of Greece's debt deal.

Range Resources RRC climbed 2.9% after reporting quarterly results early Wednesday. The company reported its fourth-quarter loss narrowed sharply to 2 cents a share from $2.02 a share a year earlier. Read about Range�s quarterly results

However, Chesapeake Energy Crop. CHK �fell 2.4%. The natural gas company late Tuesday said its earnings, excluding items, came in at 58 cents a share in the first quarter, slightly below 59 cents a share forecast by analysts in a FactSet Research survey.

Separately, the company also said it plans to double oil and liquids production by 2015 in line with its effort to become one of top five oil producers in the U.S. Read more on Chesapeake�s plan

Shares of Newfield Exploration Co. NFX tanked 12.7% in response to the company�s move to cut its capital investments in 2012 to a range of $1.5 billion to $1.7 billion from $2 billion in 2011.

Crude for April contract �rose 3 cents to settle at $106.28 a barrel on the New York Mercantile Exchange, marking its highest settlement since May 4. Read MarketWatch�s oil report

The NYSE Arca Oil Index XX:XOI �slipped 1.07 points to 1,326.91 while the Philadelphia Oil Service Sector Index OSX �advanced 1.7% and the NYSE Arca Natural Gas Index XX:XNG �eased 0.5%.

The Dow Jones Industrial Average DJIA �and the S&P 500 SPX �both retreated after U.S. housing data came in below expectations. Read about January existing home sales