Energy Stocks Sliding in Pre-Trade; Pacific Ethanol Higher on Deal Hiking Stake in Production Sites

By Staff,

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Energy stocks are lower ahead of the starting bell this morning and following a 0.06% decline for the NYSE Energy Sector Index during Thursday's regular session.

Crude futures are lower today with the NYMEX March contract off $1.29 at $98.56 a barrel while Brent March futures are down 1.45% at $116.89 a barrel, just off its session lows. March natural gas is up 4.2 cents at $2.519 per 1 million British Thermal Units.

In company news, Pacific Ethanol ( PEIX ) rose 2.54% in late Thursday trade after announcing a deal raising $8 million for the ethanol producer through a sale of about 6.4 million shares of stock to a group of institutional investors. PEIX intends to use $4.6 million of the net proceeds to purchase an additional 7% ownership stake in New PE Holdco, the owner of the four Pacific Ethanol production facilities, boosting its overall stake to 34%.

Also, EV Energy Partners ( EVEP ) fell 4.09% in after hours trading last night after the oil and gas exploration company announced plans to sell 3.2 million common equity units to repay indebtedness under its existing revolving credit facility. Underwriters also will have 30 days to purchase up to 480,000 additional units to cover overallotments.

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: EVEP , PEIX

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