Energy Stocks Rise For A Second Day; Pyramid Oil Hits 3-Year High After Accepting Merger Proposal

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Top Energy Stocks

XOM +0.20%

CVX +0.07%

COP +0.70%

SLB +0.79%

OXY +2.36%

Energy stocks were higher, with the NYSE Energy Sector Index gaining about 0.6% while shares of energy companies in the S&P 500 were ahead 0.6% as a group. Crude oil for March delivery is up $1.33 at $99.17 per barrel while March natural gas is down 9 cents to $4.84 per 1 million BTU.

In company news, Pyramid Oil Co. ( PDO ) shares climbed to a three-year high Friday after the oil and gas company late Thursday agreed to merge with privately held Yuma Energy Inc. in a stock swap valuing the company at around $27 million, based on its share price price today.

PDO was up 3.8% at $5.81 a share in recent trade, earlier advancing to an intra-day high of $6.40 and a 14.2% rise, marking its best share price since April 2011.

Under terms of the all-stock transaction, PDO will issue about 66 million shares of its stock to Yuma stockholders, who will own about 93% of the combined companies after the deal has its expected mid-year close.

PDO also plans to change its name to Yuma Energy and relocate its headquarters to Houston while keeping its Bakersfield offices to oversee its California operations.

In other sector news,

(-) NFG, (-1.0%) Gives back modest gains earlier Friday despite recording Q1 earnings of $0.97 per share, topping Capital IQ consensus by $0.12. Revenue rises 21.5% year over year to $550 mln, beating estimates by $41.22 mln. FY14 EPS guidance in-line with Street forecasts.

(-) HDY, (-5.6%) Q4 net loss widens 65% from year-ago levels to $8.4 mln, or $0.40 per share. The company had no reported revenue during the quarter. Analyst estimates were not available for comparison.



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This article appears in: Investing , Commodities

Referenced Stocks: PDO

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