Energy stocks are moderately higher today with the NYSE Energy
Sector Index rising about 0.1% and the S&P Energy Index
climbing about 0.4%. Crude oil for December delivery is up 16 cents
at $85.20 a barrel. December natural gas is flat at $3.58 per 1
In company news, Equal Energy (
) is up 15% at around $3.60 a share but lower than a day high $3.97
after closing an agreement with another Canadian energy company
with EQU selling its Lochend Cardium assets for $62 million in
cash, effective Oct. 1.
The predominantly light oil assets include current production of
approximately 525 barrels of oil equivalent per day, based on the
most recent 30 day average, as well as related infrastructure and
In other sector news,
(+) LPH, (+10.1% to just shy of year highs) Q1 product sales
volume rises 17.8% to 110,587 metric tons. Forecasts 26.6% revenue
growth and 24.3% net income growth in FY13 over year-ago
(+) RIG , (+4%) Earns $1.37 a share in Q3, beating estimates by
$0.61 a share but $2.44 billion of revenues trail the analyst
consensus by about $90 million.
(+) HES, (+1.1%) Upgraded to Buy from Hold at Global Hunter
Securities. Price target raised by $12 to $65 a share.
(+) EPB, (+1.3%) (
) Raised to Buy from Neutral at Goldman Sachs. Price target also
boosted to $45 from $43 a share.
(+) TRP, (-0.2%) Awarded contract to build, own and operate the
El Oro-to-Mazatlan Pipeline in Mexico. TRP will invest about $400
million in the project.