Sector Update: Energy

By Staff,

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Energy stocks were ending higher Friday with the NYSE Energy Sector Index rising 1.0% while shares of energy companies in the S&P 500 were up 1.1% as a group. Crude oil for May delivery settled up 39 cents at $101.67 per barrel while May natural gas fell 5 cents to finish at $4.49 per 1 million BTU.

In company news, shares of Tallgrass Energy Partners ( TEP ) rose Friday, advancing after analysts at Citigroup raised their investment rating for the natural gas pipeline company to Buy from Neutral.

No price target data was available.

The stock was ahead 1.2% at $35.27 each in afternoon trading, easing from an earlier run today as high as $35.58 a share, up 2%. The stock has a 52-week range of $20.53 to $35.88 a share.

In other sector news,

(+) KWK, Announces plans to redeem all $10.5 mln of its 8.25% senior notes due 2015 as well as $8.1 mln of its 11.75% senior notes due 2016.

(-) EXLP, Prices public offering of 5.4 mln common units at $28.36 each - a 3.9% discount to Thursday's closing price. Proceeds will fund a portion of the firm's $360 mln purchase of natural gas compression units from MidCon Compression.

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: TEP

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