Energy Stocks, Crude Oil in Deep Skids Today; China Petroleum & Chemical Slips As Announces Offering
Top Energy Stocks
Energy stocks are broadly lower with the NYSE Energy Sector Index sliding nearly 1.5% and the S&P Energy Index falling about 0.8%. Crude oil for March delivery is down $1.13 to $96.64 per barrel. March natural gas is up 5 cents at $3.35 per 1 million BTU.
In company news, China Petroleum & Chemical Corp. ( SNP ) ADRs are down over 7% with the oil and gas company announcing plans to place 2.845 million of its H Series shares at HKD8.45 apiece. SNP intends to use net proceeds from the offering for general corporate purposes. The deal is expected to close Feb. 14.
In other sector news,
(-) PBR, (-2.9%) Two oil and gas platforms under construction at a Brazilian shipyard collided on Saturday after high winds dislodged their moorings.
(-) SD, (-4%) Cut Neutral from Buy at Ladenburg Thalman. Price target also lowered by $3 to $7 a share.