Energy stocks are modestly higher, with both the NYSE Energy
Sector Index and shares of energy companies in the S&P 500
rising about 0.1% as a group. Crude oil for December delivery is up
20 cents at $94.80 per barrel late in the session while December
natural gas is up a penny to $3.57 per 1 million BTU.
In company news, Rosetta Resources (
) is up nearly 3% this afternoon at $55.10 a share following an
upgrade of the exploration and production company to Buy from Hold
at Stifel Nicolaus, which also set a price target of $65 a share
for the energy stock.
In a new research note, Stifel analyst Amir Arif said ROSE is
poised for "accelerating sequential production growth" given its
backlog in the Eagle Ford formation along with the expected
addition of rigs next year in the south Texas field.
Arif reportedly also cited the company's plans to drill as many
as 29 wells in the Permian Basin during 2014 as a positive,
according to Investors Business Daily.
ROSE shares slumped more than 9% last week, sliding as low as
$52.02 after reporting Q3 revenue trailing analyst forecasts by
nearly $39 million, or 16.6% below the $233.41 million analysts
In other sector news,
(+) RIG, (+3.8%) Resolves proxy fight with activist investor
Carl Icahn, paying a special dividend of $3 per share out of
additional paid-in capital as well as reducing the size of the
company's board of directors.
(-) AR, (-0.8%) Deutsche Banks starts coverage of the oil and
gas company with a Hold recommendation and a $62 a share price
target, citing its post-IPO valuation.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.