Energy Stocks Falling; Emerald Oil Rebounding From Early Declines, Prices Offering of 15 Mln Shares

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OXY +0.77%

Energy stocks are narrowly lower this afternoon, with the NYSE Energy Sector Index slipping 0.1% while shares of energy companies in the S&P 500 are down 0.3% as a group. Crude oil for November delivery has turned lower, sliding 17 cents to $ 102.86 per barrel while November natural gas is down 2 cents to $3.55 per 1 million BTU.

In company news, Emerald Oil Inc. ( EOX ) is moderately higher at $7.17 a share, rising 0.7% and rebounding from a recent intra-day low of $6.99 following choppy trade earlier in the session after late Thursday pricing a public offering of 15 million shares of its common stock at $6.70 apiece.

The oil and gas company expects to use net proceeds to accelerate its development and growth plans and fund leases and possible acquisitions.

In other sector news,

(+) KBR, (+0.7%) US District Court in Manhattan enters $465-mln judgment confirming International Chamber of Commerce arbitration award against Pemex Exploration and Production.

(-) MRO, (-0.6%) Stifel Nicolaus downgrade to Hold from Buy, citing a lack of catalysts to push its share price higher.



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

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This article appears in: Investing , Commodities

Referenced Stocks: EOX

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