Sector Update: Energy


Energy stocks are moderately higher today with the NYSE Energy Sector Index rising about 0.3% and the S&P Energy Index adding 0.4%. Crude oil for November delivery is down $1.11 at $90.75 a barrel. November natural gas is down 15 cents at $3.46 per 1 million BTU.

In company news, Basic Energy Services Inc. ( BAS ) is down 2% but above day lows after saying the Securities and Exchange Commission has subpoenaed the company seeking certain documents and information.

According to a regulatory filing this morning, BAS has not yet reviewed the SEC's formal order of investigation. The company said it believes the agency is trying to determine whether BAS - and possibly other firms - violated federal securities laws in connection with a July 7, 2011 news release reporting its June 2011 operating data.

The SEC has told the company the inquiry should not be construed as implying there have been any violations of law. BAS said it plans to cooperate fully with the non-public, fact-finding inquiry, ading it is unknown what - if any - actions may be taking.

In other sector news,

(+) PVA, (+1.2%) Raised to Buy from Neutral with a $7.50 price target at SunTrust, whose target is $7.50.

(+) RIG, (+1.7%) Raised to Outperform from Neutral at Macquarie.

(+) TRP, (+0.8%) Canada's National Energy Board cited a TransCanada unit for allegedly failing to comply with pipeline-safety regulations.

(-) CNX, (-1.7%) Said it expects to report a Q3 net loss because of marketing and operational issues, including planned and unplanned mine idlings.

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: BAS

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