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
In company news, Renewable Energy Group (
) 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 (
), another U.S. biodiesel producer, also is higher, advancing
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