Top Energy Stocks
Energy stocks are higher today with the NYSE Energy Sector Index
rising about 0.5% while shares of energy companies in the S&P
500 also are ahead about 0.5% as a group. Crude oil for November
delivery is down 87 cents at $102.72 per barrel while October
natural gas is down 7 cents to $3.54 per 1 million BTU.
In company news, Emerald Oil (
) is down 5.6% at $6.71 a share, trimming a portion of its earlier
decline that followed after the independent oil and gas company
announcing plans to sell 15 million shares of its common stock in a
Net proceeds will be used to accelerate its development and
growth plans as well as funding leases and acquisitions in addition
to financing its capital expenditures. The company also granted
30-day options to underwriters to purchase up to 2.25 million more
shares to cover possible overallotments.
Separately yesterday, EOX said it signed a definitive agreement
with affiliates of White Deer Energy, an energy private equity
firm, to issue and sell enough of its shares to give White Deer a
19.9% stake of the company. Shares in the private placement will
priced the same as the public offering.
In other sector news,
(+) NOV, (+0.7%) Announces plans to spin off its oil equipment
distribution business into a separate company during the first six
months of 2014. The unit generated about $4.5 bln in revenue last
(-) CLMT, (-3.4%) The specialty fuels company was cut to
Underperform from Neutral at Credit Suisse, which also dropped its
price target by $2 to $31 a share.
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