Sector Update: Energy Stocks Mixed; Gulfport Energy Edging Higher After Pricing Upsized Note Offering at a Premium


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Energy stocks were narrowly mixed this afternoon with the NYSE Energy Sector Index climbing about 0.3% while shares of energy companies in the S&P 500 were down about 0.1% as a group. Crude oil for September delivery was down $1.48 at $96.11 per barrel while September natural gas was up 9 cents to $3.92 per 1 million BTU.

In company news, Gulfport Energy Corp. ( GPOR ) was narrowly higher Thursday afternoon after earlier today pricing an upsized $300 million price placement of 7.75% senior notes due 2020 at 106% of par.

The offering was increased in size by $50 million shortly before pricing. The oil and gas company previously sold a combined $300 million of the 7.75% notes through a pair of offerings in October and December 2012.

Net proceeds from the latest offering will be used to repay debt owed under GPOR's revolving credit facility as well as funding a portion of the company's 2014 and 2015 capital development plans.

GPOR shares were up about 0.6% in recent trade at $55.30 each after earlier climbing to a session high of $55.56 a share. The stock has traded within a 52-week range of $51.59 to $75.75 a share, holding on to a 3% advance over the past 12 months.

In other sector news,

(+) ANW, (+6.4%) Reports Q2 profit of $9.3 mln, or $0.20 per share, improving on $5.5 mln gain last year and beating analyst estimates by $0.02 per share. Revenue rose 1.7% year over year to $1.72 bln, edging the Capital IQ consensus by around $20 mln.

(-) EXXI, (-17.3%) Fiscal Q4 net loss of $1.82 mln, or $0.06 per share, reverses $62.1 mln profit last year and trails estimates looking for a $0.26 per share gain. Revenue rises 3.1% to $324.1 mln, topping Capital IQ consenus by $3.85 mln.

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: GPOR

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