Top Energy Stocks
Energy shares are flat to lower in pre-market trade, while crude
oil futures are also lower.
Light, sweet crude oil for June delivery is down $1.72 at $96.76
a barrel. In other energy futures, heating oil is down $0.04 at
$2.84 a gallon while natural gas is down $0.06 at $3.90 per million
British thermal units.
, the United States Oil Fund (
) is down 2% to $34.10. The United States Natural Gas ETF (
) is down 1.4% at $20.76.
In other energy news, FuelCell Energy (
) has priced its senior convertible notes offering of $38 million
principal amount of its 8.00% senior unsecured convertible notes
due June 15, 2018.
Under the terms of the notes, the company will pay interest
semi-annually in arrears and the notes will mature on June 15,
2018, unless converted. The notes are convertible into shares of
FuelCell Energy common stock at a conversion rate of 645.1613
shares of common stock per $1,000 principal amount of convertible
notes, equivalent to a conversion price of $1.55 per share of
common stock. FCEL is flat at $1.36 in pre-market.
FuelCell intends to use the estimated net proceeds of
approximately $36 million from the offering for working capital and
general corporate purposes.
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