Energy Stocks Sharply Higher Today; ZaZa Energy Spikes After CEO Buys 1.5 Mln Shares in Private Placement

By Staff,

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Top Energy Stocks

XOM +0.83%

CVX +0.86%

COP +0.87%

SLB +2.34%

OXY +1.28%

Energy stocks were broadly higher with the NYSE Energy Sector Index climbing 1.1% while shares of energy companies in the S&P 500 are ahead 1.4% as a group. Crude oil for October delivery is up 50 cents at $104.35 per barrel. September natural gas is up 7 cents at $3.53 per 1 million BTU.

In company news, ZaZa Energy ( ZAZA ) was up 8.7% to $1.00 a share, just off its session high of $1.03 after the company said CEO Todd A. Brooks purchased 1.5 million shares of its common stock in a private placement.

Under terms of the agreement, Brooks purchased 1.5 million shares priced at 92 cents each, which was the closing bid price for the stock last night. The private placement generated $1.38 mln in proceeds for ZAZA.

In other sector news,

(+) WMB, (+1.4%) Boosts quarterly dividend by $0.01375 to $0.36625 per share, a 3.9% increase.

(+) MRO, (+1.4%) Raised to Outperform at Raymond James, citing valuation, "robust" cash flow.

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: ZAZA

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