Energy Sector Update for 10/10/2017: AAV,AAV.TO,USEG,GEVO

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Energy stocks moderated somewhat this afternoon, with the NYSE Energy Sector Index rising more than 0.4% while shares of energy companies in the S&P 500 holding on to a nearly 0.2% gain as a group. Crude oil for November delivery settled $1.34 higher at $50.92 per barrel while November natural gas futures fell 3 cents to $2.93 per 1 million BTU.

In company news, Advantage Oil & Gas (AAV,AAV.TO) was declining on both sides of the border Tuesday, falling to its lowest price since May 2008 at $5.55 earlier today in New York trade after the analysts at BMO Capital this morning lowered their investment rating for the Canadian oil and gas company to Market Perform and trimmed their price target for the company's stock to $8 a share.

In a new research note to clients today, the BMO analysts also reduced their forecast for per-share earnings at the company during this year and next, now projecting a FY17 profit of $0.34 per share and falling to $0.21 per share during FY18.

In other sector news,

(+) USEG, Oct. 5 sells certain non-operated properties in the Williston Basin in North Dakota to a U.S. affiliate of Norwegian state-owned energy major Statoil for $2 mln in cash. The transaction also eliminated $4.2 mln in liabilities for the company.

(-) GEVO, Late yesterday lowers the exercise price of nearly 1.19 of its Series M warrants issued in July by 72.3% to 65 cents per share.

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: USEG , GEVO

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