Top Energy Stocks
Energy stocks were ending sharply lower late Monday, with the NYSE Energy Sector Index falling 2.3% while shares of energy companies in the S&P 500 were down 2.2% as a group. Crude oil for March delivery settled 54 cents lower at $52.63 per barrel while March natural gas futures fell 13 cents to $3.23 per 1 million BTU.
In company news, MPLX LP ( MPLX ) declined Monday after one of its major investors today reiterated his opposition to a proposed dropdown of refining assets by the master limited partnership with Marathon Petroleum Corp ( MPC ) and instead urged support for his alternative plan.
John Fox, who owns around 1 million MPLX equity units and about 18,000 Marathon shares, described his proposal as a "simple and less risky plan that puts us on a growth path to value creation and immediate uplift in value for MPC shareholders ranging $20 to $30 per share."
MPLX units were down just over 3% at $37.19 apiece in late trade, earlier sinking to a session low of $37.10 per unit. MPC shares also were lower, slipping slightly less than 2% at $48.28 each after previously falling to a session low of $48.16 a share.
In other sector news,
(+) AHGP, Q4 EPS of $1.02 per share beats single-analyst estimate by $0.25 per share. Revenue falls 2.7% from last year to $527.4 mln, also exceeding the $470.9 mln estimate.
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