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Energy Sector Update for 11/25/2016: WLL,TOT,GLF


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Top Energy Stocks

XOM -0.06%

CVX -0.08%

COP -1.77%

SLB -0.26%

OXY -0.18%

Energy stocks were mostly lower today, with the NYSE Energy Sector Index sinking about 0.7% while shares of energy companies in the S&P 500 were down 0.6% as a group. Crude oil for January delivery was down $1.65 at $46.38 per barrel while January natural gas futures were 6 cents higher at $3.21 per 1 million BTU.

In company news, Whiting Petroleum Corp ( WLL ) fell Friday despite analysts today at RBC Capital raising their price target for the oil and natural gas producer by $2 to $12 a share, also reiterating their sector perform investment rating for the company's stock.

The move follows Whiting earlier this week selling its 50% ownership stakes in the Robinson Lake natural gas processing plant and the Belfield natural gas processing plant, both in North Dakota, as well as related oil, gas and water gathering systems to an affiliate of Teroro Logistics LP ( TLLP ) for $375 million, pending regulatory approvals.

In a new research note to clients this morning, RBC analysts wrote that the recent facility sales, along with the divestment of other non-core assets, "has provided financial clarity and positioned the company to resume production growth," along with improved liquidity and reduced risk.

WLL shares were down over 2% this afternoon at $10.10 apiece, previously dropping to a session low of $10.01 a share.

In other sector news,

(+) TOT, (+0.4%) Awarded rights to build, operate a liquefied natural gas re-gasification terminal in the Ivory Coast through a company-led consortium of energy firms, CI-GNL.

(-) GLF, (-3.6%) Begins tender offer for up to $300 mln of its 6.375% senior notes due 2022. The offer is scheduled to run through Dec. 21.

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: WLL , TOT , GLF


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