Top Energy Stocks
Energy stocks extended their declines this afternoon, with the NYSE Energy Sector Index falling nearly 0.5% while shares of energy companies in the S&P 500 were down over 0.6% as a group. West Texas Intermediate crude oil for August delivery settled 7 cents lower at $57.83 per barrel in New York while the global benchmark Brent crude September contract advanced 4 cents to $64.22 per barrel. August natural gas futures rose 1 cent to $2.31 per 1 million BTU.
Among energy stocks moving on news:
(+) Magellan Midstream Partners ( MMP ) climbed over 1% following reports the company is considering selling a 35% share of its Longhorn crude oil pipeline in Texas. The transaction could fetch up to $2 billion, according to Reuters, citing four unnamed people familiar with the matter. Magellan has engaged investment bankers to assist with the sale and would continue to own the remainder of Longhorn.
In other sector news:
(+) Quintana Energy Services ( QES ) was surging more than 5% higher on Tuesday. BofA-Merrill Lynch halved its price target for the company's stock to $3 a share as part of a broader move at the brokerage trimming the price targets for multiple companies in the oilfield-services industry.
(+) Recon Technology Ltd ( RCON ) climbed almost 3% after the oilfield-services company Tuesday announced a two-year sales agreement with Valvitalia SpA, gaining exclusive rights to market the Italian company's fluid measurement and filtering products to China Petroleum Engineering & Construction Corp, a subsidiary of China National Petroleum Corp.
(-) Occidental Petroleum ( OXY ) was 1% lower after Bloomberg News reported, citing unnamed sources, that the energy major is looking to sell a majority stake in pipeline operator Western Midstream Partners ( WES ), which it will acquire as part of its upcoming purchase of Anadarko Petroleum (APC). Potential buyers include Oneok (OKE), Enterprise Products Partners (EPD) and Energy Transfer (ET), according to the report.