Energy Sector Update for 12/06/2017: PBR,NEP,NEE,PXS

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Top Energy Stocks

XOM -0.74%

CVX -0.48%

COP -1.62%

SLB -2.29%

OXY -1.19%

Energy stocks plunged today, with the NYSE Energy Sector Index sinking nearly 1.3% while shares of energy companies in the S&P 500 were down over 1.3% as a group. Crude oil for January delivery settled $1.66 lower at $55.96 per barrel following a bearish weekly inventory report by the Energy Information Agency while January natural gas futures rose 1 cent, reversing an earlier decline, at $2.92 per 1 million BTU.

In company news, American depository shares of Petroleo Brasileiro SA ( PBR ) were higher in late Wednesday trade, reaching a session high today of $10.04 per ADS, following reports the Brazilian energy major better known as Petrobras will receive around $201 million in recovery funds from Brazil's biggest-ever corruption probe, Reuters reported, citing the federal prosecutors' office for the state of Parana Tuesday.

The BRL650-million recovery, which is slated for formal delivery tomorrow, marks the largest single payment resulting from a graft probe in Brazilian history, the prosecutors were quoted as saying.

In other sector news,

(+) NEP, Chief financial officer John Ketchum this morning takes part in a panel discussion at the Morgan Stanley Energy & Clean Tech Corporate Access Days conference in New York.

(-) PXS, Signs $4.8 mln securities purchase agreement with a group of investors, issuing 2.4 mln shares of its common stock at $2 apiece. Net proceeds will be used for debt repayment and other general corporate purposes.

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: PBR , NEP , NEE , PXS

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