Energy stocks were mixed, with the NYSE Energy Sector Index
rising about 0.1% while shares of energy companies in the S&P
500 were down 0.4% as a group. Crude oil for August delivery was
down 32 cents at $103.21 per barrel while August natural gas was
down 6 cents to $4.17 per 1 million BTU.
In company news, Memorial Resource Development Corp. (
) rose Tuesday after analysts at Barclays began coverage of the
natural gas and oil company with an Overweight rating and a $33 a
share price target, saying MRD's Cotton Valley assets in Texas and
Louisiana should deliver significant production growth and excess
MRD shares were ahead about 2.1% in recent trade at $25.89 each,
earlier climbing to a session high of $26.48 a share. The stock has
traded in a range of $21.07 to $26.94 a share, rising 33.5% since
pricing its initial public offering of stock at $19 a share on June
13 through Monday's close.
In other sector news,
(+) MIC, (+10.7%) Buys 50% stake in International-Matex Tank
Terminals it doesn't already own for $1.03 bln. Also launches
offering of 10 mln shares and $250 mln of convertible senior notes
due 2019 and boosts its quarterly dividend by 1.3% to $0.95 per
(-) WLB, (-4.0%) Launches $52 mln public offering of its common
stock. Proceeds will be used to increase the company's financial
flexibility and for pursuing organic and acquisition growth
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