Top Energy Stocks
Energy stocks were mostly higher Wednesday, with the NYSE Energy Sector Index rising about 0.6% today while shares of energy companies in the S&P 500 also were up nearly 0.6% as a group. Crude oil for March delivery reversed earlier gains, falling 8 cents to $53.10 per barrel in recent trade while February natural gas futures still were 3 cents higher at $3.33 per 1 million BTU.
In company news, CNX Coal Resources LP ( CNXC ) was higher in Wednesday trade after last night saying it would keep its quarterly distribution at $0.5125 per unit for a second year in a row, ending market speculation the thermal coal miner would reduce its dividend amid an extended industry slump.
The company late Monday also said it expects to file a Form S-3 universal shelf registration statement to sell up to $750 million of common or preferred stock or debt securities soon after filing its 2016 annual report later this winter. The upcoming offering statement also may register common stock now owned by CONSOL Energy ( CNX ) and Greenlight Capital for potential resale in the future, CNX Coal said.
CNXC equity units were up more than 3% at $19.00 each this afternoon following a prior run this morning to a session high of $19.45 a share.
In other sector news,
(+) HK, (+21.3%) Confirms $705 mln purchase of 20,748 net acres in the southern Delaware Basin. Also receives option to buy up to 15,040 more acres in Ward County, Texas, from a private operator at $11,000 per acre.
(-) PAA, (-1.0%) Buys 515-mile, large-scale crude oil gathering system, as well as storage facilities, truck terminals and multiple receipt points, in the northern Delaware Basin for $1.215 bln from Concho Resources ( CXO ).
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