Energy stocks are higher, with the NYSE Energy Sector Index
rising 0.6% while shares of energy companies in the S&P 500 are
ahead 0.5% as a group. Crude oil for October delivery is up $1.71
at $110.08 per barrel. October natural gas is down 5 cents to $3.53
per 1 million BTU.
In company news, Oasis Petroleum Inc. (
) is up slightly more than 3% at $43.17, earlier climbing to within
17 cents of its 52-week high of $44.17 after late Thursday saying
it has completed deals totaling $1.52 billion for oil and gas
assets in the Williston Basin of North Dakota.
The four separate deals add around 161,000 net acres to its
regional holdings, boosting its stake by nearly 50% to 492,000 net
acres. Production will increase by 9,300 barrels of oil equivalent
to 43,000 barrels per day, it said.
This morning, analysts at Topeka Capital Markets raised OAS to
Buy from Hold, reportedly writing in a new research note it sees
earnings climbing as daily production grows following its recent
buys. It also set a $56 a share price target for the stock.
The deal-making also triggered upgrades or price-target
increases at several other research shops, including RBC Capital's
boosting its rating to Outperform from Sector Perform and analysts
at Deutsche Bank's lifting the stock to Buy from Hold. Deutsche
Bank also increased its price target by $2 to $55 a share. Also,
SunTrust upgraded OAS to Buy from Neutral.
In other sector news,
(+) PNY, (+1.0%) Q3 loss of $0.03 per share beats by $0.05.
Revenue rises 1.1% year over year to $162.9 mln, trailing analyst
consensus by $18.6 mln. Reaffirms FY13 guidance for EPS of $1.67 to
$1.77, ex items, in-line with $1.73 Street view.
(-) CEP, (-15.9%) PostRock Energy sues in Delaware Chancery
Court over the company's Aug. 20 acquisition of oil and gas assets
from Sanchez Energy Partners. CEP said the charges lack merit but
warns legal costs could affect future distributions.
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