Energy Sector Update for 06/28/2017: TYG,PVAC,NADL,SDRL

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Top Energy Stocks

XOM +0.49%

CVX +0.18%

COP -0.32%

SLB -0.30%

OXY -0.21%

Energy stocks continued to extend their gains for a second day in a row, with the NYSE Energy Sector Index rising over 1.0% while shares of energy companies in the S&P 500 also were up more than 0.7% as a group. Crude oil for August delivery settled 50 cents higher at $44.74 per barrel while August natural gas futures rose 3 cents to $3.07 per 1 million BTU.

In company news, Tortoise Energy Infrastructure ( TYG ) rose Wednesday after analysts at Stifel Nicolaus today raised their stock rating for the investor in master limited partnerships of the natural gas pipeline companies to Buy from Hold.

Despite the upgrade, the Stifel analysts also trimmed their price target for the company's stock by $1 to $34 a share.

In other sector news,

(+) PVAC, Negotiates a $72 mln increase to $200 mln in borrowing capacity for its credit facility during semi-annual redetermination. Also, Zebra 6H well has a preliminary 24-hour gross production rate of 1,269 barrels of oil equivalent per day while Zebra 7H well has a preliminary 24-hour rate of 1,785 barrels per day.

(-) NADL, Seadrill increases revolving credit facility by another $100 mln to $150 mln and extends maturity to July 31 while debt restructuring talks continue for both companies.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy , ETFs
Referenced Symbols: TYG , PVAC , SDRL

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