Energy Sector Update for 12/01/2016: FF,PACD,MEMP


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Top Energy Stocks

XOM +1.29%

CVX +2.94%

COP +1.79%

SLB +2.36%

OXY +1.30%

Energy stocks were extending their big advance on Thursday, with the NYSE Energy Sector Index rising about 2.1% while shares of energy companies in the S&P 500 were up about 2.0% as a group. Crude oil for January delivery was up $2.15 at $51.62 per barrel while January natural gas futures were 15 cents higher at $3.50 per 1 million BTU.

In company news, FutureFuel Corp ( FF ) jumped to a 13-month high during Thursday trading after the bio-diesel producer late yesterday declared a special cash dividend of $2.29 per share, payable Jan. 13 to shareholders of record on Dec. 16.

The company also said it was extending its regular quarterly distributions of $0.06 per share for another year, payable two weeks later to shareholders of record on March 1, June 1, Sept. 1 and Dec. 1, 2017.

FF shares were up more than 8% at $14.84 each, earlier reaching their best price since the first week of November 2015 at $14.98 a share.

In other sector news,

(+) PACD, (+10.7%) Signs drilling-services contract with Hyperdynamics ( HDYN ) beginning Q2 next year offshore the Republic of New Guinea for the Pacific Bora drillrig now located in western Africa after recently completing a project for a major U.S. exploration and production company.

(-) MEMP, (-48.2%) Negotiates forbearance agreement through Dec. 7 with the holders of 51.7% of the company's 7.625% senior notes due 2021 and 69% of the holders of its 6.875% senior notes due 2022. Lenders for the company's revolving credit facility also accept forbearance agreement lasting until Dec. 16.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: FF , HDYN , PACD , MEMP


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