Sector Update: Energy


Energy stocks are giving up a portion of their earlier gains today with the NYSE Energy Sector Index adding 0.5% while shares of energy companies in the S&P 500 are up nearly 0.5% as a group in late trade. Crude oil for October delivery settled 29 cents lower at $102.04 per barrel while November natural gas was up 5 cents to $3.61 per 1 million BTU.

In company news, Pyramid Oil Co. ( PDO ) is ahead over 15% heading into the close at $4.80 a share, earlier climbing with 2 cents of its 52-week high of $5.00 after saying board chairman Mike Herman will serve as interim President and CEO following the retirement of John Alexander after nine years at the helm.

Herman is the largest individual shareholder of the crude oil and natural gas company. He also is chairman and CEO of Denver-based energy-services company Enservco Corp. ( ENSV ), a provider of well-enhancement and fluid-management services.

As part of the upcoming transition, Herman is buying 243,579 shares of PDO common stock from John Turco, paying the departing board member $6 for each of the shares for a total outlay of $1.46 million. He also bought 95,592 shares from Alexander, also at $6 per share, and agreed to buy another 100,000 of Alexander's shares by next May at the same price.

In other sector news,

(+) EDG, Agrees to a $12-per-share cash buyout offer from Sumitomo Corp. of America.

(-) HDY, Discloses Department of Justice subpoena requesting documents linked to the company's effort to secure a production-sharing contract in offshore Guinea and possible violations of anti-bribery and money-laundering statutes.

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: ENSV , PDO

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