Sector Update: Energy


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. ( TERP ) rallied in its first day as a publicly traded company after the SunEdison ( SUNE ) 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 ( LNG ) 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.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: TERP , SUNE , LNG

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