Energy Stocks Mixed; Inergy Rises 5% After Completing Distribution of Midstream Units
Top Energy Stocks
Energy stocks are narrowly mixed this afternoon, with the NYSE Energy Sector Index down about 0.1% while shares of energy companies in the S&P 500 are up less than 0.1% as a group. Crude oil for July delivery cents is down 21 cents per barrel while July natural gas cents is up 5 cents to $3.95 per 1 million BTU.
In company news, Inergy LP ( NRGY ) is up 4.9% to $14.83 per unit after the pipeline company completed its pro rata distribution of 56.4 mln units of its Inergy Midstream ( NRGM ) affiliate. Each NRGY unitholder received 0.432052 NRGM units for each NRGY unit they now own.
NRGY also said it expects to continue to pay quarterly cash distributions of at least $0.29 or more. NRGM most recently paid out $0.395 per unit in its cash distribution.
NRGM units are down about 1.1% at $22.64 each.
In other sector news,
(+) IOC, (+0.8%) Proxy advisory firm Institutional Shareholder Services reverses previous recommendation, now telling shareholder they should support a management proposal to adopt new by-laws regarding the company's advanced notice provisions.
(+) FANG, (+0.2%) Prices upsized offering of 6 mln shares at $34.75 apiece, generating around $208.5 mln in gross proceeds. The oil and gas company and its underwriters added an extra 1 mln shares to their original plan to issue 5 mln shares in the offering.