Sector Update: Energy Stocks Following Crude Lower; Bolt Technology Soars on $171 Mln Teledyne Buyout Offer

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Top Energy Stocks

XOM -0.34%

CVX -0.32%

COP -0.94%

SLB -1.57%

OXY +0.05%

Energy stocks were following crude oil price lower today with the NYSE Energy Sector Index sinking about 0.7% while shares of energy companies in the S&P 500 were down almost 0.8% as a group. Crude oil for October delivery was up/down cents at $ per barrel while October natural gas was up/down cents to $ per 1 million BTU.

In company news, Bolt Technology ( BOLT ) rallied Thursday after the underwater-seismic services company agreed to a $171 million buyout offer by Teledyne Technologies ( TDY ).

Under terms of the deal, BOLT shareholders will receive $22 in cash for each share they now own, a 36.6% premium over Wednesday's closing price for the stock.

"Bolt will broaden our rich portfolio of marine instrumentation with a number of highly complementary products," TDY Chief Executive Robert Mehrabian said in prepared remarks. In addition to it energy services, BOLT also produces underwater cables and connectors as well as remotely-operated miniature vehicles used underwater in variety of marine activities.

BOLT shares were up 36% at $21.89 apiece in mid-day trade, just 1 cent under its session high. The stock has traded within a 52-week range of $15.94 to $22.76 a share, declining almost 9% over the past 12 months heading into today's session.

TDY was ahead 1.7% at $99.08 a share this afternoon. Separately, the aerospace and defense products company last night announced an accelerated stock buyback of 1.03 million shares, spending about $100 million overall.

In other sector news,

(+) MPET, (+1.0%) Begins drilling at its 65%-owned Horse Hill-1 well in the inland Weald Basin in southern England.

(-) MTRX, (-20.9%) Reports Q4 net income of $0.28 per share, missing analyst estimates by $0.08. Revenue rises 46.2% year over year to $344.36 mln, trailing Street view by around $9.58 mln. Projected FY15 EPS lags consensus by at least $0.19 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 , Commodities
Referenced Symbols: TDY

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