Top Energy Stocks
Energy stocks were falling this afternoon, with the NYSE Energy Sector Index dropping nearly 0.5% while shares of energy companies in the S&P 500 were down almost 0.9% as a group. West Texas Intermediate crude oil for August delivery settled 47 cents lower at $57.90 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude September contract declined 29 cents to $64.16 per barrel. August natural gas futures rose 12 cents to $2.30 per 1 million BTU.
Among energy stocks moving on news:
(-) Occidental Petroleum ( OXY ) slid over 1% after Morgan Stanley lowered its investment rating for the energy major to equal-weight from overweight, citing "execution uncertainty" surrounding its proposed acquisition of Anadarko Petroleum ( APC ). The brokerage also cut its price target for Occidental shares by $14 to $55 apiece.
In other sector news:
(+) Alliance Resource Partners ( ARLP ) was little changed in late afternoon trade, drifting off a nearly 2% advance earlier in Monday's session. The coal miner said it was buying oil and gas mineral interests in the Permian Basin from Wing Resources and Wing Resources II for $145 million. The acquired properties contain 783 gross horizontal wells delivering around 460 barrels of oil equivalent per day, Alliance said, adding the transaction should close in early August.
(-) Baker Hughes ( BHGE ) declined Monday, falling almost 2%, after announcing a joint venture with privately held C3.ai combining its oil and natural gas expertise with C3.ai's artificial intelligence capabilities to boost productivity in the energy industry. Under the terms of the partnership agreement, Baker Hughes has received a minority equity stake in C3.ai and a seat on its board of directors in exchange for an undisclosed investment.
(-) Archrock ( AROC ) was down 2% this afternoon after the natural gas compression and aftermarket services company said it was paying $410 million to acquire substantially all of Elite Compression Services LLC, including about 430,000 of predominately large-horsepower compression assets.