Sector Update: Energy Stocks Rocked in Monday Selloff; Enable Midstream Rising After Boosting Quarterly Distribution

By Staff,

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Energy stocks were broadly lower Monday, with the NYSE Energy Sector Index dropping 3.3% while shares of energy companies in the S&P 500 were down 0.4% as a group. Crude oil for September delivery was down 41 cents at $101.68 per barrel while August natural gas was down 2 cents at $3.77 per 1 million BTU.

In company news, Enable Midstream Partners ( ENBL ) was moderately higher Monday after the pipeline company increased its quarterly distribution for the three months ended June 30 by 2.6% over the partnership's minimum payout.

The $0.2464 per unit distribution will be payable Aug. 14 to unitholders of record on Aug. 4 and was pro-rated to account for the period from ENBL's April 16 initial public offering of stock through the end of the quarter.

Overall, the current distribution equates to $0.2950 per unit on a full-quarter basis and $1.18 per unit for the entire year - a 3-cent increase from the partnership's minimum quarterly distribution.

ENBL units were up slightly more than 1% in afternoon trade at $25.59 each, earlier advancing to a session high of $25.77 per unit. The stock has a 52-week range of $21.00 to $27.46 per unit, climbing 26.6% since pricing its IPO at $20 per unit through Friday's close.

In other sector news,

(+) ARLP, (+4.7%) Coal supplier to utilities hits all-time high after Q2 EPS of $1.37 beats by $0.41 per share. Revenue rises 8.1% year over year to $598.6 mln, topping estimates by $22.95 mln. Boosts quarterly distribution by 8.5% to $0.625 per share.

(-) SDRL, (-2.8%) Converts $648.6 mln of its 3.375% convertible notes due 2017 into 23.83 mln shares of its common stock, diluting existing shareholders by around 5.1%.

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

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

This article appears in: Investing Commodities
Referenced Stocks: ENBL

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