Energy Stocks Higher; Edgen Group Soars Following Sumitomo Buyout Offer


Top Energy Stocks

XOM +0.22%

CVX +0.10%

COP +1.20%

SLB +1.30%

OXY +0.92%

Energy stocks are mostly higher, with the NYSE Energy Sector Index adding 0.7% while shares of energy companies in the S&P 500 are up nearly 0.9% as a group. Crude oil for October delivery is down 91 cents at $101.42 per barrel while October natural gas is up 7 cents to $3.63 per 1 million BTU.

In company news, Edgen Group ( EDG ) is sharply higher, last up more than 56% at $11.89 a share after agreeing to a cash buyout offer from Sumitomo Corp. of America of $12.00 per share.

The acquisition is expected to close before the end of 2013.

"The investment in Edgen Group will represent further expansion of Sumitomo's distribution presence across the upstream, midstream and downstream oil and gas markets," according to CEO Kazuhiro Takeuchi in prepared remarks.

In other sector news,

(-) BPZ, (-0.3%) Restarts drilling at Albacora field platform off the Peru coast with completion of the 12,000-foot subsea well expected in 12 weeks.

(-) HDY, (-9.1%) Discloses it received a Department of Justice subpoena requesting documents linked to the company's effort to secure a production-sharing contract in offshore Guinea and possible violations of anti-bribery and money-laundering statutes.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: EDG

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