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Energy Sector Update for 10/05/2017: CRZO,USEG,MTDR


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Energy stocks have continued to extend their Thursday advance, with the NYSE Energy Sector Index climbing more than 0.4% while shares of energy companies in the S&P 500 were up about 0.5% as a group. Crude oil for November delivery settled 81 cents higher at $50.79 per barrel while November natural gas futures fell 3 cents to $2.91 per 1 million BTU, reversing an prior rise.

In company news, MagneGas ( MNGA ) shares were lower in late Thursday trading although the bio-diesel and industrial gases producer said it has completed the $1.9 million sale of a gasification unit to produce and distribute MagneGas2 into European markets.

The company said it received information first-hand from several potential gas clients as part of its due-diligence meetings last month indicating significant demand for a renewable cutting fuel like MagneGas2, creating "meaningful opportunities" in the shipping, rail and other industrial end-markets.

"We expect to sell many more gasification units into these markets for years to come," CEO Ermanno Santilli said in prepared remarks.

In other sector news,

(+) USEG, APEG Energy II, the sole lender for the company's senior secured credit facility, agrees to swap $4.5 mln in outstanding debt for more than $5.8 million in new equity, with the company issuing more than 7.63 mln shares priced at 77 cents apiece, a 1.3% premium to the volume-weighted average price for the stock over the past 30 days.

(-) MTDR, Prices $210.8 mln public offering of 8 mln shares at $26.35 each, a 3.5% discount to the stock's closing price yesterday.

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
Referenced Symbols: MNGA , CRZO , USEG , MTDR



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