Energy Stocks Rising, Crude Oil Tops $110 Per Barrel; Oasis Adds to Williston Basin Holdings

By Staff,

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Energy stocks are higher, with the NYSE Energy Sector Index rising 0.6% while shares of energy companies in the S&P 500 are ahead 0.5% as a group. Crude oil for October delivery is up $1.71 at $110.08 per barrel. October natural gas is down 5 cents to $3.53 per 1 million BTU.

In company news, Oasis Petroleum Inc. ( OAS ) is up slightly more than 3% at $43.17, earlier climbing to within 17 cents of its 52-week high of $44.17 after late Thursday saying it has completed deals totaling $1.52 billion for oil and gas assets in the Williston Basin of North Dakota.

The four separate deals add around 161,000 net acres to its regional holdings, boosting its stake by nearly 50% to 492,000 net acres. Production will increase by 9,300 barrels of oil equivalent to 43,000 barrels per day, it said.

This morning, analysts at Topeka Capital Markets raised OAS to Buy from Hold, reportedly writing in a new research note it sees earnings climbing as daily production grows following its recent buys. It also set a $56 a share price target for the stock.

The deal-making also triggered upgrades or price-target increases at several other research shops, including RBC Capital's boosting its rating to Outperform from Sector Perform and analysts at Deutsche Bank's lifting the stock to Buy from Hold. Deutsche Bank also increased its price target by $2 to $55 a share. Also, SunTrust upgraded OAS to Buy from Neutral.

In other sector news,

(+) PNY, (+1.0%) Q3 loss of $0.03 per share beats by $0.05. Revenue rises 1.1% year over year to $162.9 mln, trailing analyst consensus by $18.6 mln. Reaffirms FY13 guidance for EPS of $1.67 to $1.77, ex items, in-line with $1.73 Street view.

(-) CEP, (-15.9%) PostRock Energy sues in Delaware Chancery Court over the company's Aug. 20 acquisition of oil and gas assets from Sanchez Energy Partners. CEP said the charges lack merit but warns legal costs could affect future distributions.

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: OAS

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