Top Energy Stocks
Energy stocks turned sharply lower this afternoon, with the NYSE Energy Sector Index sinking over 2.0%, reversing a small gain earlier, while shares of energy companies in the S&P 500 were down slightly more than 2.4% as a group. West Texas Intermediate crude oil for December delivery settled 55 cents lower at $66.67 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude December contract declined 70 cents to $76.92 per barrel. November natural gas futures finished unchanged at $3.19 per 1 million BTU. Among energy-related ETFs, United States Oil fell over 1.6% while United States Natural Gas dropped more than 1.5%. The Philadelphia Oil Service Sector index slumped over 4.7%.
Among energy stocks moving on news:
(+) MagneGas Applied Technology Solutions ( MNGA ) climbed as much as 13% on Monday after the bio-fuels company said it has completed its $1.5 million acquisition of an independent industrial gas and welding supply distributor in Shreveport, La. The deal expands the company's geographic footprint into northern Louisiana market and increases its exposure in the oil and natural gas production and refining markets. The acquisition also was MagneGas' first expansion into the medical gas business.
In other sector news
(+) Methanex ( MEOH ) was more than 1% lower in recent trading, reversing a more than 3% advance earlier Monday that followed analysts at Tudor Pickering raising the investment recommendation for the methanol producer to Buy from Hold, citing its 17% price decline during October despite improving fundementals, including "more incremental methanol demand tham new capacity." The brokerage also raised its price target for the company's stock by $3 to $84 a share.
(-) National Oilwell Varco ( NOV ) has been see-sawing in a range about 1% either side of its $35.89-a-share starting mark this morning, most recently falling nearly 1%, after analysts at Evercore ISI raised their stock rating for the oilfield-services company to Outperform from In-Line previously.
(-) Oil States International ( OIS ) retreated Monday, dropping almost 5% at one point after the oilfield-services company posted Q3 financial results narrowly trailing Wall Street expectations. Net loss for the three months ended Sept. 30 was $0.07 per share, improving on a $0.30 per share net loss in the year-ago period last year but still missing the Capital IQ consensus by $0.01 per share. Revenue increased to $274.6 million from $164.0 million last year and also lagging analyst projections by $400,000.