Top Energy Stocks
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
In company news, Gevo Inc. (
) 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
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
(+) 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
(+) 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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