Energy stocks were mostly higher, with the NYSE Energy Sector
Index climbing nearly 2.1% while shares of energy companies in the
S&P 500 were up just 0.3% as a group. Crude oil for August
delivery was down 2 cents at $103.17 per barrel while August
natural gas was little changed at $3.95 per 1 million BTU.
In company news, solar plant TerraForm Power Inc. (
) rallied in its first day as a publicly traded company after the
) spinoff late Thursday priced its initial public offering at the
top of an already upwardly adjusted price range.
The company sold slightly more than 20 million shares at $25
apiece, generating $500 million in gross proceeds. The IPO had
originally been expected to go out at between $19 to $21 a share
and was raised Wednesday to a new range of $23 to $25 a share.
TERP shares recently were up 35% at $33.75 apiece, earlier
climbing to a session high of $34.34 a share. SUNE shares also
rose, advancing about 0.7% this afternoon to $23.16 each.
In other sector news,
(+) AR, (+1.9%) Q2 average daily production rises 94% from same
quarter last year and 13% above Q1 levels to 891 mln cubic feet of
natural gas equivalent. Also inks supply pact with Cheniere Energy
) for 200,000 mln BTU of liquified natural gas per day.
(-) TGP, (-5.4%) Prices secondary offering of 2.8 mln units at
$45.05 each, a 4% discount to Thursday's closing price. It expects
to use around $95 mln of the net proceeds for the first installment
on its order of six new LNG carriers.
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