Markets

Energy Sector Update for 01/19/2017: CPLP,PTEN,PGH

Top Energy Stocks

XOM -1.57%

CVX -0.34%

COP -0.73%

SLB -0.47%

OXY -0.88%

Energy stocks were mostly lower Thursday, with the NYSE Energy Sector Index dropping nearly 0.8% while shares of energy companies in the S&P 500 were down 0.5% as a group. Crude oil for February delivery was up 8 cents at $51.97 per barrel while February natural gas futures were 9 cents higher at $3.39 per 1 million BTU.

In company news, Capital Product Partners LP ( CPLP ) rose Thursday after the master limited partnership owning oil tankers and other shipping vessels last night raised its Q4 cash distribution to $0.08 per equity unit, representing a 6.7% increase over its most recent payout to investors.

The higher dividend is payable Feb. 15 to investors of record on Feb. 6.

CPLP units were up over 3% at $3.45 each, earlier Thursday climbing as much as 6% to a session high of $3.55 per unit.

In other sector news,

(+) PTEN, (+0.4%) Cowen downgrade from Outperform to Market Perform with a $26 price target.

(-) PGH, (-5.2%) Approves $125 mln interim 2017 capital expenditure budget, reflecting uncertainty at the company prior to completion of its divestiture program.

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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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