Energy Stocks, Crude Oil Slightly Higher; Rosetta Resources Rallies Following Stifel Upgrade

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Energy stocks are modestly higher, with both the NYSE Energy Sector Index and shares of energy companies in the S&P 500 rising about 0.1% as a group. Crude oil for December delivery is up 20 cents at $94.80 per barrel late in the session while December natural gas is up a penny to $3.57 per 1 million BTU.

In company news, Rosetta Resources ( ROSE ) is nearly 3% this afternoon at $55.10 a share following an upgrade of the exploration and production company to Buy from Hold at Stifel Nicolaus, which also set a price target of $65 a share for the energy stock.

In a new research note, Stifel analyst Amir Arif said ROSE is poised for "accelerating sequential production growth" given its backlog in the Eagle Ford formation along with the expected addition of rigs next year in the south Texas field.

Arif reportedly also cited the company's plans to drill as many as 29 wells in the Permian Basin during 2014 as a positive, according to Investors Business Daily.

ROSE shares slumped more than 9% last week, sliding as low as $52.02 after reporting Q3 revenue trailing analyst forecasts by nearly $39 million, or 16.6% below the $233.41 million analysts were expecting.

In other sector news,

(+) RIG, (+3.8%) Resolves proxy fight with activist investor Carl Icahn, paying a special dividend of $3 per share out of additional paid-in capital as well as reducing the size of the company's board of directors.

(-) AR, (-0.8%) Deutsche Banks starts coverage of the oil and gas company with a Hold recommendation and a $62 a share price target, citing its post-IPO valuation.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ROSE

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