Referenced Stocks

Sector Update: Energy

By Midnight Trader,  January 07, 2013, 12:28:41 PM EDT

Energy stocks are mostly lower with the NYSE Energy Sector Index sliding about 0.9% and the S&P Energy Index falling just over 1.0%. Crude oil for February delivery is up 10 cents to $93.19 a barrel. February natural gas is ahead 4 cents at $3.33 per 1 million BTU.

In company news, Tesoro Corp. ( TSO ) is down about 4.7% at near $40.55 a share as analysts at Howard Weil today dropped shares of the refinery and marketing company from its Focus List with a new Outperform rating.

TSO also today amended a credit pact more than doubling its borrowing capacity to as much as $4 billion. The debt pays interest at 1.5 percentage points more than the London interbank offered rate, according to a regulatory filing. The company expects to repay $500 million of the expanded line within the next 18 months along with another $500 million by January 2015. Its prior revolver had a $1.85 billion capacity.

In other sector news,

(+) ES, (+8.3%) Accepts $3.75-a-share buyout from Energy Capital Partners. The target company has until Feb. 6 to solicit superior offers under "go-shop" provisions of the purchase agreement.

(+) CAK, (+1.5%) Signs drill contract with Transocean ( RIG ) for its Oyo #7 well off the coast of Nigeria. RIG shares are up about 1.4%.

(-) WG, (-0.2%) Sells all of its interests in Oman to affiliates of Interserve plc for $36 million.

(-) RDS.A, (-0.6%) Said its Kulluk oil-drilling ship that ran aground Jan. 1 in Alaska has been refloated.

(-) FST, (-1.5%) Standard & Poor's maintains B+ credit rating for the oil and gas company following its sale of properties in south Texas for $325 million. Its outlook is stable, S&P said.

(-) TLM, (-2.2%) Cut to Hold from Buy at TD Securities. Price target also lowered by $2 to $14 a share.

(-) GSE, (-3%, nearer 52 week lows) Selects J. Michael Kirksey as its new chief financial officer. Kirksey previously was CFO at Endeavour International Corp. ( END ). Also hires Valufinder Group to assist with identifying potential M&A targets.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: END, RIG, TSO



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