Sector Update: Energy


Energy stocks are mostly higher, with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 are ahead 0.6% as a group. Crude oil for October delivery is up $1.01 at $108.24 per barrel. October natural gas is down 8 cents to $3.60 per 1 million BTU.

In company news, Vertex Energy ( VTNR ) is up 5.1% at $3.27 a share after saying its Vertex Recovery division removed and sold 2 million gallons of distressed fuel into a new market during Q3 - the largest diesel project in company history.

The project is expected to have a beneficial impact on Q3 results, with VTNR anticipating revenues of between $45 million and $50 million. Net income is projected in a range of $2.2 million to $2.5 million during the quarter ending Sept. 30.

Analysts polled by Capital IQ are expecting around $37.07 million in revenue for the company during Q3.

In other sector news,

(+) CRZO, (+2.1%) Sells its remaining natural gas assets in the Barnett Shale in Texas and non-core properties in the East Texas Shale and the Marcellus Shale in Appalachia for $250.4 mln in cash. Also, Credit Suisse raises price target by $1 to $29 a share.

(-) PNY, (-0.2%) Shares falling for the fourth session in a row despite the firm's declaring a $0.31 per share dividend, payable Oct. 15 to shareholders of record on Sept. 24.

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: VTNR

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