Sector Update: Energy


Energy stocks were mixed in late Wednesday trading with the NYSE Energy Sector Index slipping about 0.1% while shares of energy companies in the S&P 500 were rising 0.1% as a group. Crude oil for June delivery settled 67 cents higher at $102.37 per barrel while June natural gas rose 1 cent to finish at $4.37 per 1 million BTU.

In company news, Hydrogenics Corp ( HYGS ) shares plunged Wednesday after the hydrogen fuel cell and the water electrolysis company priced an offering of 1 million shares by the company and 500,000 shares by CommScope at $15 apiece, a 30.6% discount to Tuesday's closing price.

The company plans to use proceeds for general corporate purposes, including replacing negative cash flows from operations.

HYGS shares were down 24.5% at $14.80 each in late afternoon trade, earlier sliding to a session low of $14.60 a share. The stock has a 52-week range of $8.07 to $35.52 a share, rising 68.5% over the past 12 months.

In other sector news,

(+) WMB, Forecasts 20% annual dividend growth through 2016 with substantial excess cash coverage and line of sight to continued high growth well beyond guidance period.

(-) DK, Announces secondary offering of 9.2 mln shares of common stock by Delek Hungary Holding LLC. The company will not receive any proceeds from the offering.

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: HYGS

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