Sector Update: Energy Stocks Still Adding to Session-Long Gains; Lilis Energy Rising after Regaining Nasdaq Compliance


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Energy stocks were broadly higher Friday with the NYSE Energy Sector Index rising about 0.8% while shares of energy companies in the S&P 500 were up 0.9% as a group.

In company news, Lilis Energy Inc. ( LLEX ) was finishing with a 5% advance after the Nasdaq Stock Market today said the oil and gas company returned to compliance with its listing rules when the company filed its 2013 annual report as well as financial results and other data for the three months ended March 31 with federal regulators.

LLEX shares were ahead 6.6% at $2.32 each shortly before the closing bell, earlier climbing to a session high of $2.37 a share. The stock has a 52-week range of $1.42 to $3.58 a share,

Nasdaq officials last month notified LLEX it had again fallen out of compliance when it failed to file its 10-Q quarterly report for the three months ended March 31 within the Securities and Exchange Commission-mandated 45 days of the end of the quarter. The stock exchange gave the company until June 16 to submit a plan of how it intended to regain compliance although LLEX instead filed its 10-K annual report last week and the Q1 report on Tuesday, June 17.

In other sector news,

(+) ETE, Terminates "high level" negotiations to merge with Targa Resources Corp ( TRGP ) and its Targa Resources Partners LP ( NGLS ) operating unit without an agreement. Both TRGP and NGLS shares fell sharply after their statement last night.

(-) HERO, Terminates drill-rig contract with Sonangol EP, costing the company an estimated $91.8 million, after the Angolan state-owned energy concern failed to secure the necessary visas for its employees to work in the west African country.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: LLEX , TRGP , NGLS

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