Sector Update: Energy


Energy stocks are lower this afternoon with the NYSE Energy Sector Index falling 0.8% and the S&P Energy Index slipping about 1.2%. Crude oil for November delivery is down 30 cents at $91.77 a barrel. November natural gas is down 3 cents at $3.58 per 1 million BTU.

In company news, shares of LINN Energy LLC ( LINE ) are up about 1.6% today after an initial public offering by LinnCo LLC ( LNCO ) at $36.50 a share. LINE sold all of its 30.3 million outstanding shares in the offering at the low-end of its expected range. The deal raised $1.1 billion, which LNCO will use to purchase a 13.2% stake in its former corporate parent, becoming LINE's largest individual shareholder. At last look, LNCO shares were up about 3.2% at $37.65.

LINE plans to use its proceeds from the stock sale to repay debt.

In other sector news,

(+) FST, (+0.2%) Signs definitive agreement to sell all of its properties in South Louisiana for approximately $220 million.

(+) LPI, (+0.9%) Prices secondary public offering of 12.5 million shares of common stock at $20.25 apiece.

(-) GAS, (-1.5%) Cuts its FY12 EPS estimate to $2.60 to $2.75, down $0.20 a share from its prior guidance, citing "unprecedented warm weather." The Street is at $2.67 a share.

(-) KOG, (-0.5%) Starts $800-million offering to exchange all of its outstanding 8.125% senior notes due 2019 for an equal amount of new 8.125% Senior Notes due 2019.

(-) GPOR, (-3%) Completes the contribution of all of its oil and gas interests in the Permian Basin to Diamondback Energy, Inc.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: LINE , LNCO

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