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. (
) 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
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.
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