NEW YORK (AP) -- Shares in Stone Energy Corp. jumped on Wednesday, a day after the independent petroleum producer posted a 49 percent gain in third-quarter profit that handily beat analysts' forecasts. The company also raised its full-year production outlook.

Stone Energy climbed $1.69, or 9.8 percent, to $19.09 in afternoon trading.

Boenning & Scattergood analyst Michael Schmitz maintained to his "neutral" rating on the stock, citing the lack of a near-term catalyst.

Schmitz said higher commodity price realizations for Stone Energy drove up earnings beyond expectations. However, looking ahead, Schmitz said he remains cautious about the price outlook for crude oil and natural gas.

Still, third-quarter gains surprised Wall Street, production is set to rise and certain expenses will decline for the full year.

Schmitz raised his 2009 earnings estimates for Stone Energy to $1.32 per share from 66 cents per share. For 2010 he raised his expectations to $1.97 per share from $1.53 per share.