Top Energy Stocks
Energy stocks were broadly mixed Friday afternoon, with the NYSE Energy Sector Index falling over 0.5% while shares of energy companies in the S&P 500 were up nearly 0.4% as a group. West Texas Intermediate crude oil for September delivery was ahead 85 cents to $67.66 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract also was advancing 85 cents to $72.92 per barrel. September natural gas futures were 2 cents lower at $2.93 per 1 million BTU. Among energy-related ETFs, United States Oil was climbing about 1.4% while United States Natural Gas was dropping almost 0.5%. The Philadelphia Oil Service Sector index was up more than 0.7%.
Among energy stocks moving on news:
- PBF Energy ( PBF ) tumbled almost 5% at one point on Friday after the refinery company priced a $291 million public offering of 6 million shares of its class A common stock at $48.50 each, equal to a 3.4% discount to the stock's last closing price. Underwriters received a 30-day option to buy up to 900,000 additional shares, which if fully exercised would increase the gross proceeds to nearly $334.7 million.
In other sector news:
+ Kinder Morgan ( KMI ) edged higher on Friday, rising nearly 1%, after energy major Exxon Mobil ( XOM ) signed a letter of intent in support of its Permian Highway natural gas pipeline project in Texas. Exxon, through its XTO Energy subsidiary, could contract up to 450,00 dekatherms per day of capacity from the project's original partners, Kinder Morgan and the Blackstone Group ( BX ) through its EagleClaw Midstream Ventures portfolio company. Apache Corp ( APA ) also is a partner, which has an option to buy a one-third stake in the new pipeline.
- Enerplus (ERF) is up slightly Friday afternoon. Earlier the Canadian oil and natural gas producer reported non-GAAP Q2 net income of CAD0.05 per share, falling more than 90% from its CAD0.52 per share non-GAAP profit during the year-ago period. Analysts, on average, had been expecting a CAD0.25 per share adjusted profit for the April-to-June reporting period, if comparable.