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Energy Sector Update for 01/20/2017: AXAS,FRAC,URRE

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Energy stocks were trending higher on Friday, with the NYSE Energy Sector Index rising 0.6% while shares of energy companies in the S&P 500 were up 0.3% as a group. Crude oil for March delivery was up $1.22 at $53.34 per barrel while February natural gas futures were 6 cents lower at $3.30 per 1 million BTU.

In company news, Abraxas Petroleum Corp. ( AXAS ) declined Friday after the oil and natural gas producer last night priced an upsized $60 million public offering of 25 million shares at $2.40 apiece, an 11.1% discount to Thursday's closing price for the company's stock.

Shortly before pricing the deal, the company and underwriters added 5 million shares to the offering from their initial plans to sell 20 million shares. Abraxas also issued 30-day options to the underwriters to buy up to 3.75 million additional shares to cover potential overallotments.

AXAS shares were down nearly 5% at $2.57 each in recent trade, recovering somewhat from a session low of $2.54 a share previously today.

In other sector news,

(+) FRAC, (+15.3%) Prices 298.3$ mln initial public offering of 15.7 mln shares at $19 apiece, the high end of its expected range. Cerberus Capital Management also sold nearly 11.1 mln additional shares as part of the offering.

(-) URRE, (-10.6%) Closes $9.7 mln offering of nearly 1.4 mln shares of common stock and pre-funded warrants to buy an additional 3.4 mln shares.

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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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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