Energy Stocks Gaining As Crude Oil Jumps Over $1 Per Barrel; Gevo Running Much Higher, Expands Stock Buyback

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Top Energy Stocks

XOM +1.2%

CVX +1.3%

COP +1.3%

SLB +1.8%

OXY +1.3%

Energy stocks are broadly higher with the NYSE Energy Sector Index rising about 1.2% and the S&P Energy Index advancing about 1.0%. Crude oil for February delivery is up $1.16 to $92.98 per barrel. February natural gas is off 14 cents at $3.21 per 1 million BTU.

In company news, Gevo Inc. ( GEVO ) is up more than 16% at $1.79 a share, with the biofuels and chemical company rising as high as $1.91 after authorizing a stock repurchase plan of up to $15 million over the next 12 months. This takes it further away from a year low $1.36. GEVO expects to fund the share buybacks with existing cash and cash equivalents on hand. Any shares repurchased will be classified as treasury stock or retired.

In other sector news,

(+) LPH, (+10%, went close to 52 week highs) Forecasts a 30.7% year-over-year increase in FY13 revenue to $667.3 million, up about $21 million from its prior guidance. Also sees net income this year rising 23% to $80.1 million - up about $2.5 million from its earlier forecast.

(+) IOC, (+9.2%) Extends partner selection and investment decision dates for its proposed condensate stripping plant to provide Mitsui & Co. and Energy World Corp. with additional flexibility.

(+) DEJ, (+5.4%) Secures $6.5 million in non-dilutive financing from a private Denver-based drilling fund to complete the first Kokopelli well and three additional wells in the Piceance Basin of Colorado in early 2013.

(+) MHR, (+3.8%) Expands joint operating agreement with Eclipse Resources for the companies' properties in the Marcellus and Utica shale formations in Ohio. Total combined capital costs for the project are expected to exceed $200 million.

(+) PDH, (+2.7%) Raised to Buy from at Stifel Nicolaus, which also set a $15.50-a-share price target.

(+) RDS-A, (+0.1%) Coast Guard flights find no signs of a fuel spill from drill rig that ran aground on the southeast side of Sitkalidak Island in the Gulf of Alaska.



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This article appears in: Investing , Commodities

Referenced Stocks: GEVO

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