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Sector Update: Energy
By: MT Newswires
Energy stocks are mostly higher, with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 are ahead 0.6% as a group. Crude oil for October delivery is up $1.01 at $108.24 per barrel. October natural gas is down 8 cents to $3.60 per 1 million BTU.
In company news, Vertex Energy ( VTNR ) is up 5.1% at $3.27 a share after saying its Vertex Recovery division removed and sold 2 million gallons of distressed fuel into a new market during Q3 - the largest diesel project in company history.
The project is expected to have a beneficial impact on Q3 results, with VTNR anticipating revenues of between $45 million and $50 million. Net income is projected in a range of $2.2 million to $2.5 million during the quarter ending Sept. 30.
Analysts polled by Capital IQ are expecting around $37.07 million in revenue for the company during Q3.
In other sector news,
(+) CRZO, (+2.1%) Sells its remaining natural gas assets in the Barnett Shale in Texas and non-core properties in the East Texas Shale and the Marcellus Shale in Appalachia for $250.4 mln in cash. Also, Credit Suisse raises price target by $1 to $29 a share.
(-) PNY, (-0.2%) Shares falling for the fourth session in a row despite the firm's declaring a $0.31 per share dividend, payable Oct. 15 to shareholders of record on Sept. 24.