Energy Stocks Lower as Crude Oil Tops $100 Per Barrel; James River Coal Surging After Announcing Strategic Review

By Staff,

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Energy stocks were lower, with the NYSE Energy Sector Index sinking about 0.6% while shares of energy companies in the S&P 500 also were down about 0.6% as a group. Crude oil for March delivery is up 54 cents at $100.42 per barrel while March natural gas is down 18 cents at $4.59 per 1 million BTU.

In company news, James River Coal ( JRCC ) surged nearly 11% in recent trade Monday after the miner late Friday said it was evaluating its strategic alternatives, including a potential sale of all or part of the company.

The company hired Perella Weinberg Partners LP to assist with the review as its restructuring advisor along with Deutsche Bank Securities Inc. as an advisor on mergers and acquisitions as well as a possible capital investment through a offering of debt or equity securities.

In a move also connected with the strategic review, JRCC reworked its revolving credit agreement to provide continued access to the credit facility during the review process.

Shares rose as much as 21.6%, touching 90 cents apiece and were up about 10.8% at 82 cents a share in recent trade. The stock has a 52-week range of 55 cents to $3.50 a share.

In other sector news,

(-) NTI, (-2.5%) Boosts Q4 cash distribution by 32% over the previous quarter to $0.41 per unit, payable Feb. 28 to shareholders of record on Feb. 21.

(-) BWP, (-40.8%) EPS of $0.08 trails estimates by $0.22 per share. Also trails year-ago profit 0f $0.38 per share. Revenue declines 3.9% to $312.9 mln, missing by $10.1 mln. Reduces Q4 distribution by 81% to $0.10 per share. Cut to Underform from Neutral at Credit Suisse. Deutsche Bank reduces its rating to Sell from Hold.

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
Referenced Stocks: JRCC

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