Sector Update: Energy


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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. ( MRD ) 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 cash flow.

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 share.

(-) 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 strategies.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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