Top Energy Stocks
Energy stocks were down sharply at mid-day with the NYSE Energy
Sector Index down nearly 1% and the S&P Energy Index retreating
1.1%. Crude oil for May delivery is down $1.48 to $95.71 per
barrel. May natural gas is down 2 cents to $3.95 per 1 mln BTU.
In company news, Niska Gas Storage Partners LLC (
) is up 14.6% to $14.39 per unit, just a penny off its new 52-week
high after saying it has reworked subordinated equity units and
other securities held by the Carlyle Group (
), converting those units into a new equity class of Incentive
Quarterly distributions for CG's 33.8 mln of subordinated units,
currently totaling about $12 mln per quarter, have been suspended
since November 2011. Under the new equity structure, CG will
receive 48% of NKA's quarterly payouts to its unitholders after the
company's common unitholders receive the minimum $0.35 per unit
Following the deal, analysts at Goldman Sachs raised their
rating on NKA units to Neutral from Sell and also increased their
price target by $4 to $15 a share. Stifel Nicolaus also upgraded
the stock to Buy from Hold.
In other sector news,
(+) MHR, (+4.6%) Sold all of its oil and gas properties in the
Eagle Ford Shale region of southern Texas to Penn Virginia Corp (
) for $401 mln. PVA shares are up about 0.3% at $3.91 apiece.
(-) CVX, (-0.5%) Docked compensation for its CEO and two other
top executives following accidents last year at the company, the
Wall Street Journal reports. CEO John Watson saw his bonus reduced
by 13% to $3.5 million although he received a $100,000 bump in his
annual salary to to $1.8 million.