Energy Stocks Rebounding With Big Gains; Ocean Power Tech Jumps To 2-Year High On Wave-Power Project in Australia


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Energy stocks are up.

In company news, Ocean Power Technologies Inc. ( OPTT ) shares climbed to their best levels since October 2011 after Lockheed Martin Corp ( LMT ) announced the latest development in the companies' partnership to generate electricity off the Australian coast using the motion of ocean waves.

The wave energy generation project will be built off the coast of Victoria, Australia, using OPTT's PowerBuoy wave-energy converters. The project is slated to have three phases, with the first stage producing around 2.5 megawatts of peak power. Once completed, the project is expected to produce 62.5 megawatts of peak power - or enough energy to power around 10,000 homes.

LMT will provide project management as well as assisting OPTT with design and manufacturing the power converters. The companies previously have worked on several smaller projects through the U.S. Department of Energy since 2004.

The Victoria project will be funded in part with a $65.3 million grant to OPTT from Australia's Department of Resources, Energy and Tourism, according to information previously reported on the LMT website.

OPTT shares were up about 47% at $3.38 each in recent trade, earlier climbing to an intra-day high of $4.09 a share, pushing to its best level since October 2011. Volume also is extremely heavy, with more than 13.8 million shares already changing hands today - or more than 32 times its average daily volume over the past three months.

LMT was up about 2.4% at $157.65 a share in recent trade, just 3 cents off its best level for the session.

In other sector news,

(+) SPN, (+3.9%) Bullish sentiment indicated by recent options buys, with more than 2,000 June 20 calls purchased - most priced for $4.80 to $4.90 - according to optionMONSTER. Calls overall outnumber puts by a ratio of 24-to-1.

(-) WPX, (-10.0%) Said its Q4 and FY13 results will include a $1.5 bln impairment charge due to an 18% decline in forward market natural gas prices during 2013. About $1.1 bln of the charges are linked to its Appalachian properties; the rest to its Powder River properties.

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: OPTT , LMT

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