Sector Update: Energy

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Energy stocks are little changed this afternoon with the NYSE Energy Sector Index and the S&P Energy Index both rising less than 0.1% today. Crude oil for October delivery is up 24 cents at $99.24 a barrel. October natural gas is down 6 cents at $2.88 per 1 million BTU.

In company news, Renewable Energy Group ( REGI ) is ahead nearly 30% today, rising for a second consecutive session, after the U.S. Environmental Protection Agency on Friday set a 1.28 billion-gallon requirement for bio-diesel products to be sold in 2013 - up from 1 billion gallons this year.

In a note to investors this morning, Piper Jaffray analyst Michael Cox said the EPA's delay in formalizing its 2013 target had led investors to question whether the regulator would delay a final ruling may be postponed until after the presidential election.

Cox also reiterated his Overweight rating and $9 price target for REGI shares.

Biofuel Energy ( BIOF ), another U.S. biodiesel producer, also is higher, advancing 17%.

In other sector news,

(+) RDS-A, (+1.0%) Revising 2012-13 exploration program for offshore Alaska because of damage to a containment dome. Company will forego drilling into hydrocarbon zones and instead will drill as many "top-hole" wells as time allows before capping and temporarily abandoning the new wells.

(+) BKEP, (+1.1%) Pipeline company names Mark Hurley as its new chief executive officer, effective Sept. 20. He replaces James Dyer, who resigned the position as well as stepping down as a director on the board of BKEP's general partner.

(-) PSX, (-0.7%, from near year highs) Citigroup downgrade to Neutral from Buy. Price target raised by $9 a share to $49.

(-) IOC, (-1.3%) At least two firms reportedly have made offers for a stake in the company's LNG project in Papua, New Guinea.

(-) VLO, (-3.4%) Citigroup cuts rating to Neutral from Buy while raising price target to $35 a share from $31. Shares hit a new 52-week high of $34.35 each last week.

(-) ULTR, (-3.7%) Receives notice of potential Nasdaq delisting. Company now has 180 days to regain compliance with minimum share requirements.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: BIOF , REGI

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