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
In company news, Basic Energy Services Inc. (
) 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
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
(+) TRP, (+0.8%) Canada's National Energy Board cited a
TransCanada unit for allegedly failing to comply with
(-) CNX, (-1.7%) Said it expects to report a Q3 net loss because
of marketing and operational issues, including planned and
unplanned mine idlings.
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