Sector Update: Energy

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Energy shares are flat to lower in pre-market trading and crude oil futures are moving higher with the May crude contract adding $0.08 to trade at $108.91, according to the CME Group. Precision Drilling ( PDS ) is reportedly upgraded to Sector Perform from Underperform at CIBC. Price target is raised to $15.50 from $12.50. Meanwhile, shares of Hercules Offshore ( HERO ) are up 4.82% to $6.63 in pre-market trading after the company is reportedly upgraded to Buy from Neutral at Global Hunter. The firm cited the U.S. Bankruptcy Court's approval of the acquisition of 20 jackup assets. Price target is raised to $7 from $5.30. Also, Halliburton Co. ( HAL ) is seeing interest a day after the award of a contract that could be worth in excess of $200 million. The contract covers extracting oil and gas from two fields off the coast of Norway. Norwegian energy giant Statoil, which operates the fields, awarded the contract



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This article appears in: Investing , Commodities

Referenced Stocks: HAL , HERO , PDS

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