Energy Stocks Mixed; Inergy Rises 5% After Completing Distribution of Midstream Units

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Energy stocks are narrowly mixed this afternoon, with the NYSE Energy Sector Index down about 0.1% while shares of energy companies in the S&P 500 are up less than 0.1% as a group. Crude oil for July delivery cents is down 21 cents per barrel while July natural gas cents is up 5 cents to $3.95 per 1 million BTU.

In company news, Inergy LP ( NRGY ) is up 4.9% to $14.83 per unit after the pipeline company completed its pro rata distribution of 56.4 mln units of its Inergy Midstream ( NRGM ) affiliate. Each NRGY unitholder received 0.432052 NRGM units for each NRGY unit they now own.

NRGY also said it expects to continue to pay quarterly cash distributions of at least $0.29 or more. NRGM most recently paid out $0.395 per unit in its cash distribution.

NRGM units are down about 1.1% at $22.64 each.

In other sector news,

(+) IOC, (+0.8%) Proxy advisory firm Institutional Shareholder Services reverses previous recommendation, now telling shareholder they should support a management proposal to adopt new by-laws regarding the company's advanced notice provisions.

(+) FANG, (+0.2%) Prices upsized offering of 6 mln shares at $34.75 apiece, generating around $208.5 mln in gross proceeds. The oil and gas company and its underwriters added an extra 1 mln shares to their original plan to issue 5 mln shares in the offering.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: NRGM , NRGY

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