Sector Update: Energy Stocks Mixed Near Close; Cimarex Getting No Help From New Rating at Canaccord


Top Energy Stocks

XOM +0.24%

CVX -0.25%

COP -0.44%

SLB -0.35%

OXY -0.62%

Energy stocks remain mixed late today with the NYSE Energy Sector Index rising about 0.5% while shares of energy companies in the S&P 500 were down 0.2% as a group. Crude oil for August delivery settled 24 cents lower at $104.24 per barrel while August natural gas added a penny to finish at $4.37 per 1 million BTU.

In company news, Cimarex Energy ( XEC ) fell Wednesday, with shares of the exploration and production company backing away from a record high set during yesterday's session despite analysts at Canaccord Genuity today initiating coverage of the stock with a Buy rating.

Canaccord also set a $170 a share price target for XEC, citing its recent, $138 million sale of producing properties in Kansas as well as closing on an asset purchase in the Cana-Woodford shale formation in western Oklahoma. XEC did identify the buyer in Monday's property sale in Kansas.

XEC shares were down about 1.2% at $141.30 late in today's session, earlier falling to a low of $10.52 a share. The stock has a 52-week range of $67.02 to $144.82 a share, climbing nearly 110% over the past year.

In other sector news,

(+) HNRG, Buys Vectren Fuels, paying $296 mln for Vectrem's ( VVC ) coal-mining subsidiary. Deal also includes up to $39 mln in working capital adjustments.

(-) TOT, Reaches agreement in principle to sell Totalgaz liquefied petroleum gas distribution business in France to UGI Corp ( UGI ) for between $545 mln to $615 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: XEC , VVC , UGI

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