Energy Stocks Falling; Marlin Midstream Expands Board, Set Pro-Rated Q3 Distribution
Top Energy Stocks
Energy stocks are mostly lower, with the NYSE Energy Sector Index sinking 0.4% while shares of energy companies in the S&P 500 are down about 0.5% as a group. Crude oil for November delivery is down $1.05 at $103.70 per barrel while November natural gas is down 5 cents to $3.72 per 1 million BTU.
In company news, Marlin Midstream Partners ( FISH ) is down 2.2% at $17.95 a share, earlier sliding to a new 52-week low of $17.61 after the pipeline company said it expanded its board of directors to now encompass an independent majority, effective Aug. 15.
The board also said its quarterly distributions to shareholders will begin following Q3, which will represent the first partial quarter of distributable cash flow subsequent to FISH's July 31 initial public offering.
Based on the company's partnership agreement providing for a minimum quarterly distribution of $0.35 per unit for each whole quarter, the prorated Q3 distribution will be around $0.23 per unit with a record date about five weeks after the end of the quarter.
In other sector news,
(-) OII, (-1.8%) Oilfield service company cut to Neutral from Buy at Global Hunter Securities, which also lowered its price target for OII shares by $11 to $81 a share.
(-) EGY, (-2.2%) Hires Steven Guidry as CEO, effective Oct. 21. Guidry currently is president of Marathon's subsidiary in Libya and previously led its central Africa business unit.