Sector Update: Energy


Energy stocks are mostly higher with the NYSE Energy Sector Index rising 2% and the S&P Energy Index adding 2.2%. Crude oil for August delivery is up $3.74, or nearly 4.5%, at $87.49 a barrel. August natural gas down 2 cents at $2.753 per 1 million BTU.

In company news, shares of Continental Resources Inc. ( CLR ) are up 6.5% and have touched a day high $71.71 with the oil and gas exploration and production company starting a registered exchange of up to $800 million of its 5% senior notes due 2022 that were previously issued in a private placement. The exchange is scheduled to run through July 31 at 5 p.m. ET, unless extended.

In other sector news,

(+) DUK, (+195%, hit new year highs) Completes merger with Progress Energy Inc.

(+) PTEN, (+5%) Averaged 224 rigs in operation during Q2, all in the United States.

(-) XTEX, (-1.5%) Completes acquisition of Clearfield Energy Inc. for $210 million in cash.

(+/-) FRM, (flat) Acquires certain assets from Crane Energy Flow Solutions.

(+) TYG, (0.1%) Reports net asset value of $943.0 million, or $33.69 a share.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CLR

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