Top Energy Stocks
Energy stocks were sharply lower Friday, with the NYSE Energy Sector Index dropping almost 3.2% while shares of energy companies in the S&P 500 were down more than 3.3% as a group. West Texas Intermediate crude oil for July delivery was falling $3.04, or more than 4%, in recent trading at $67.67 per barrel in New York while the global benchmark Brent crude July contract was declining $2.67 cents to $76.12 per barrel. June natural gas futures were 1 cent lower at $2.93 per 1 million BTU. Among energy-related ETFs, United States Oil was slipping nearly 4.1% while United States Natural Gas was sliding 0.5% lower. The Philadelphia oil-service sector index also was down almost 4.9%.
Among energy stocks moving on news:
- Cheniere Energy ( LNG ) has turned fractionally higher Friday afternoon, reversing a 1.5% loss soon after the opening bell that followed the liquified natural gas company this morning filing a shelf registration with federal regulators to sell an unspecified amount of mixed securities, which may include stock, warrants, equity units and debt securities. Net proceeds from any offering would be added to the company's general funds and used for general corporate purposes.
In other sector news
- Callon Petroleum Company ( CPE ) retreated Friday, sinking as much as 5%, after the oil and natural gas producer priced a $259.6 million public offering of 22 million shares of its common stock at $11.80 apiece, a 5.4% discount to Thursday's closing price. The company also provided underwriters with an option to buy up to 3.3 million additional shares and it expects to use the net proceeds to partially fund the $570 million cash acquisition of oil and natural gas assets in Ward Country, Texas, from Cimarex Energy Co. ( XEC ).
- Apache Corp ( APA ) slumped Friday, at one point falling over 4%, after declaring a $0.25 per share dividend, unchanged from its most recent distribution to investors and payable Aug. 22 to shareholders of record on July 23.