Sector Update: Energy


Energy stocks were broadly higher today with the NYSE Energy Sector Index rising 0.8% while shares of energy companies in the S&P 500 also were up 0.8% as a group. Crude oil for July delivery settled 26 cents higher at $102.74 per barrel while July natural gas added 2 cents to finish at $4.72 per 1 million BTU.

In company news, Vertex Energy Inc. ( VTNR ) was finishing with a steep decline Friday, with shares of the oil recycling company falling after saying it plans to sell $17.05 million of its common stock in a private placement with institutional investors.

The deal will place 2.2 million VTNR shares priced at $7.75 apiece, a 12.3% discount to the stock's volume-weighted average price over the past 30 trading sessions. After underwriter discounts and other offering expenses are deducted, the company expects to pocket about $15.85 million in net proceeds, which will be used to fund its West Coast expansion.

VTNR shares were down over 13% late in Friday's session at $9.61 apiece, earlier sliding to an intra-day low of $8.99 a share. The stock has a 52-week range of $2.35 to $11.25 a share, rising nearly 250% over the past 12 months.

In other sector news,

(+) PSX, Acquires 7.1 million-barrel storage capacity terminal located near Beaumont, Texas, for an undisclosed sum. The facility is now the company's largest.

(-) BTU, Downgrade to Neutral from Buy at Goldman Sachs.

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: VTNR

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