We took a more particular look at the energy industry today, as several of these companies have posted significant earnings surprises -- both up and down -- in their quarterly reports.  Here are some of our findings:

Baltimore-based Constellation Energy (CEG) produced a healthy 68+% earnings surprise of 37 cents per share.  That said, the stock is down half a dollar in mid-day trading today. Based on the Zacks Price Response Indicator (PRI), we expect a 3.39% price increase in the 10 days following the EPS earnings report.

According to Zacks equities analyst Jon Kolb, Constellation Energy is a diversified holding company for a group of energy businesses focused on wholesale power marketing and merchant generation. CEG also provides regulated electricity and gas services in central Maryland. The company trades and markets wholesale energy through its subsidiary Constellation Energy Commodities Group, which ranks among the top power marketers in North America.

Double Eagle Double-Bogies

Oil and gas E&P company Double Eagle (DBLE) posted a dire negative earnings report of -$0.40.  Sales growth fell by over nine percent, income growth is down over 1000%, and its EPS surprise was -566.67%.  Also of note, the company reported EPS adjusted to exclude $0.22 after-tax   Zacks Investment Research, based on the Zacks PRI, expects a 0.08% price increase in the 10 days following the EPS earnings report.

Double Eagle Petroleum Co. explores for, develops, produces and sells crude oil and natural gas. The Company concentrates its activities in areas in which it believes it has accumulated detailed geologic knowledge and developed significant management experience.

ENER's Negative Surprise

Lest we think alternative energy companies are faring much better, Energy Conversion Devices (ENER) had an unfortunate EPS surprise of -50.00%.  Sales growth was up nearly 73%, but income growth fell just over nine percent.   The Zacks PRI expects a -0.23% price decrease in the 10 days following the EPS earnings report.

Energy Conversion Devices, Inc. is a leader in the synthesis of new materials and the development of advanced production technology and innovative products. The company's business strategy has been to provide new and enabling technologies for use in the fields of alternative energy and information technologies. This strategy has produced inventions of unique, proprietary and cost-effective products and production processes.

Tesco Down, As Well

Finally, though Tesco Corporation (TESO) reported a -35% surprise, the stock is trading up 4 ½% thus far today.  Its reported earnings of 13 cents per share is a decrease of -48.00% compared to last year's earnings of 25 cents. Sales reported as $ 114.30 million, and income reported as $ 10.20 million. Shares outstanding were reported as 36.00 million which is a 2.19% decrease from 36.80 million shares outstanding last quarter. (It should be noted that reported EPS was adjusted to exclude $0.11 after-tax benefit for adjustments   Zacks Investment Research expects a -0.23% price decrease in the 10 days following the EPS earnings report.