Sector Update: Energy


Energy stocks are mostly lower, with the NYSE Energy Sector Index sinking 0.4% while shares of energy companies in the S&P 500 are down about 0.5% as a group. Crude oil for November delivery is down $1.05 at $103.70 per barrel while November natural gas is down 5 cents to $3.72 per 1 million BTU.

In company news, Marlin Midstream Partners ( FISH ) is down 2.2% at $17.95 a share, earlier sliding to a new 52-week low of $17.61 after the pipeline company said it expanded its board of directors to now encompass an independent majority, effective Aug. 15.

The board also said its quarterly distributions to shareholders will begin following Q3, which will represent the first partial quarter of distributable cash flow subsequent to FISH's July 31 initial public offering.

Based on the company's partnership agreement providing for a minimum quarterly distribution of $0.35 per unit for each whole quarter, the prorated Q3 distribution will be around $0.23 per unit with a record date about five weeks after the end of the quarter.

In other sector news,

(-) OII, (-1.8%) Oilfield service company cut to Neutral from Buy at Global Hunter Securities, which also lowered its price target for OII shares by $11 to $81 a share.

(-) EGY, (-2.2%) Hires Steven Guidry as CEO, effective Oct. 21. Guidry currently is president of Marathon's subsidiary in Libya and previously led its central Africa business unit.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: FISH

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Freshman Finance 101
Freshman Finance 101                
Spot the Dropout RRC
Spot the Dropout RRC                
Power on/Power Off
Power on/Power Off                  



Most Active by Volume

  • $16.34 ▼ 0.12%
  • $10.64 ▲ 1.33%
  • $112.76 ▼ 0.47%
  • $5.86 ▲ 1.38%
  • $28.54 ▲ 0.42%
  • $104.31 ▼ 1.24%
  • $13.87 ▲ 0.95%
  • $10.40 ▲ 0.97%
As of 8/31/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by