Sector Update: Energy

By Staff,

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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: TRGP , NGLS

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