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Sector Update: Energy
By: MT Newswires
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 on Feb. 14.
In other sector news,
(-) PBR, (-3%, to within $1 of 52 week lows) Two oil and gas platforms under construction at a Brazilian shipyard collided on Saturday after high winds dislodged their moorings.
(-) SD, (-3.6%) Cut Neutral from Buy at Ladenburg Thalman. Price target also lowered by $3 to $7 a share.