Sector Update: Energy


Energy stocks are higher today with a big assist from rising crude oil prices. The S&P Energy Index is up about 0.3% shortly before the close, while the S&P Energy Index is ahead 0.6% this afternoon. Crude oil for November delivery extended its gains this afternoon, climbing over 3% to settle at $92.36 a barrel. November natural gas reversed its earlier losses and was up 8 cents at $3.49 per 1 million BTU.

In ETF action, the U.S. Oil Fund ( USO ) is up $1, or about 3%, to $34.22 and the U.S. Natural Gas Fund has fallen 28 cents, or about 1.3% to $21.58.

In company news, Penn Virginia Corp ( PVA ) is down more than 16% shortly before the close after starting concurrent underwritten public offerings of 12 million shares of common stock and $50 million of depositary shares. The oil and gas company will use net proceeds from the offerings to repay its revolving credit facility and for general corporate purposes.

In other sector news:

ROYL - Property owner next to its North Slope acreage in Alaska is seeking approval to modify its orginal plans by extending the 15-day test period to 180 days and up to 1,000 barrels of oil per day.

CLR - Details plans to triple production and proved reserve over the next five years.

PXD - Analysts at Wells Fargo initiate coverage of the oil and gas company with an outperform rating and a price target range of $122 to $126 a share.

CAK - Hires Axxis Petroconsultants Ltd. as project manager for the drilling of Oyo #7 deepwater well offshore Nigeria scheduled to spud early next year.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: PVA , USO

MT Newswires

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