Energy stocks are mostly higher with the NYSE Energy Sector
Index rising 0.6% while shares of energy companies in the S&P
500 are up almost 0.8% as a group. Crude oil for April delivery is
up 27 cents at $99.70 per barrel while March natural gas is up 11
cents to $4.38 per 1 million BTU.
In company news, shares of Swift Energy (
) advanced Tuesday after the natural gas and oil producer said it
has completed and tested three new wells in the Eagle Ford shale
formation in Texas, with each of the wells producing around 22.1
million cubic feet of gas per day, on average.
The three new wells all are located in Webb County. The company
earlier in the quarter also completed three more wells in nearby
McMullen county, which averaged around 1,212 barrels of oil
equivalent per day during their initial testing.
"We are very pleased with our continuing operational
improvements in these two key areas of our Eagle Ford acreage," CEO
Terry Swift said in prepared remarks, adding the company's
consistent results will contribute to its short-term goals of
reducing debt and boosting its liquidity profile.
SFY was ahead 3.7% at $10.78 a share in recent trade, earlier
climbing to an intra-day high of $11.02 a share. The stock has a
52-week range of $8.80 to $15.75 a share.
In other sector news,
(+) PBR, (+1.4%) Shares of the state-run energy company rebound
after Standard & Poor's downgrades Brazil's sovereign debt
rating to BBB- from BBB, one notch above junk status, forecasting
1.8% GDP growth in 2014 and 2.0% in 2015.
(-) ANR (-3.2%) Reduced to Hold from Buy at Jefferies, which
believes the coal miner overpaid when it spent $7.7 bln for "very
low quality" Massey Energy three years ago. Jefferies also
downgrades Arch Coal (
) to Hold from Buy.
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