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Energy Stocks Climbing This Afternoon; Superior Drilling Pushes to New Record High After Patent Grant
By: MT Newswires
Top Energy Stocks
Energy stocks were rising Thursday, with the NYSE Energy Sector Index notching a 0.7% advance while shares of energy companies in the S&P 500 were up about 0.6% as a group. Crude oil for July delivery was down 39 cents at $102.25 per barrel while July natural gas was up 5 cents to $4.69 per 1 million BTU.
In company news, Superior Drilling Products Inc. ( SDPI ) shares rose Thursday to a new record high in its short span as a public company after the oilfield-services firm received a U.S. patent for its Drill-N-Ream tool, reflecting the unique characteristics and capabilities of the drill-rig device.
The U.S. Patents and Trademark will issue Patent No. 8.752,649, "Method and Apparatus for Reaming Well Bore Surfaces Nearer the Center of Drift," on June 17 covering the engineering design of the Drill-N-Ream.
In prepared remarks, SDPI founder and chief executive Troy Meier said the company plans to build out its sale team to reach new, potential customers as well as working to create additional opportunities with existing clients.
SDPI shares were up 5.3% at $6.37 each in recent trade, earlier climbing a best-ever $6.90 a share. The stock was up slightly more than 51% since the company priced its initial public offering of 6.75 million shares of its common stock at $4 apiece last Tuesday, May 27.
In other sector news,
(+) AXAS, (+10.2%) Increases FY14 production outlook by 3,000 barrels to a new range of 5500 to 5700 barrels of oil equivalent per day.
(-) BPZ, (-1.3%) Reports an 8% increase over Q1 levels in daily gross production from its offshore Block Z-1 development so far during Q2, averaging around 5,435 barrels of oil, equating to 2,772 net barrels per day based on its 51% stake.