Energy Stocks Little Changed; Synthesis Energy Rallies On Sales Partnership With GE


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Top Energy Stocks

XOM -0.11%, has turned negative

CVX -0.08%

COP -0.43%

SLB +1.38%

OXY +3.22%

Energy stocks are narrowly mixed with the NYSE Energy Sector Index gaining about 0.2% while the S&P Energy Index currently is down less than 0.1%. Crude oil for May delivery is down 56 cents to $96.51 per barrel. May natural gas is off 7 cents to $3.95 per 1 mln BTU.

In company news, Synthesis Energy Systems Inc. ( SYMX ) is up nearly 21% at $1.28 a share, earlier rising within close range of its 52-week high of $1.53 after announcing plans to jointly market its SES gasification technology with General Electric Co's ( GE ) GE Packaged Power subsidiary for small-scale power generation. GE shares are up about 1.1% at $23.33 each.

According to the companies, GE's fuel-flexible aeroderivative gas turbines are well suited to use SYMX's syngas fuels produced from ultra-low quality coal, coal wastes and refuse. SYMX and GE recently completed preliminary evaluation of their combined technologies, with the companies now working together on a non-exclusive basis to identify prospective customers seeking to generate between 50 to 10 megawatts of electric power.

In other sector news,

(+) PEIX, (+0.7%, but still near year lows) Closes first trance of new financing transaction, issuing $6.0 mln of its Series A subordinated convertible notes. Extends $2.6 mln of plant debt by three years to June 2016 and retires $3.5 mln of debt due 2016. Also raised plant credit facility by $5 mln.

(-) FSI, (-7.4%, nearer year lows) Reports $0.08 per share GAAP net loss, reversing a $0.01 profit last year and trailing analyst expectations by $0.05. Revenue climbs 14.1% to $3.85 mln, topping the analyst consensus by $180,000.

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
More Headlines for: GE , SYMX

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