Energy stocks were broadly higher with the NYSE Energy Sector Index rising about 1.0% while shares of energy companies in the S&P 500 also were ahead 0.12% as a group. Crude oil for May delivery settled 2 cents lower at $103.75 per barrel while May natural gas was down 4 cents at $2.53 per 1 million BTU.
In company news, shares of Targa Resources Corp ( TRGP ) rose Wednesday after late yesterday announcing a 6.6% increase in its quarterly dividend to $0.6475 per share, payable May 16 to shareholders of record on April 28.
Directors of TRGP's managing partner, Targa Resources Partners LP ( NGLS ), also boosted that company's quarterly distribution by about 2% over the prior quarter to $0.7625 per unit, also payable May 16.
TRGP shares were up 1.4% at $106.40 each near today's close. NGLS units were down 0.7% at $60.51 in late trade.
In other sector news,
(+) ATHL, Climbs to record high after boosting its outlook for full-year production by around 17% over its prior guidance, now saying it will likely average between 23,000 to 24,250 barrels of oil equivalent per day.
(-) EC, Cut to Sell from Neutral with $37 price target at Citigroup, citing valuation. EC also said Columbian Ministry of Finance and Public Credit authorized up to $2 bln for debt offerings in the international capital markets through 2016.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.