Energy stocks were higher, with the NYSE Energy Sector Index
gaining about 0.6% while shares of energy companies in the S&P
500 were ahead 0.6% as a group. Crude oil for March delivery is up
$1.33 at $99.17 per barrel while March natural gas is down 9 cents
to $4.84 per 1 million BTU.
In company news, Pyramid Oil Co. (
) shares climbed to a three-year high Friday after the oil and gas
company late Thursday agreed to merge with privately held Yuma
Energy Inc. in a stock swap valuing the company at around $27
million, based on its share price price on Friday.
PDO was up 3.8% at $5.81 a share in recent trade, earlier
advancing to an intra-day high of $6.40 and a 14.2% rise, marking
its best share price since April 2011.
Under terms of the all-stock transaction, PDO will issue about
66 million shares of its stock to Yuma stockholders, who will own
about 93% of the combined companies after the deal has its expected
PDO also plans to change its name to Yuma Energy and relocate
its headquarters to Houston while keeping its Bakersfield offices
to oversee its California operations.
In other sector news,
(-) NFG, (-1.0%) Gives back modest gains earlier Friday despite
recording Q1 earnings of $0.97 per share, topping Capital IQ
consensus by $0.12. Revenue rises 21.5% year over year to $550 mln,
beating estimates by $41.22 mln. FY14 EPS guidance in-line with
(-) HDY, (-5.6%) Q4 net loss widens 65% from year-ago levels to
$8.4 mln, or $0.40 per share. The company had no reported revenue
during the quarter. Analyst estimates were not available for
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.