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FET

Energy Sector Update for 02/10/2017: TGA,NE,FET

Top Energy Stocks

XOM +0.95%

CVX +0.77%

COP +1.39%

SLB +1.72%

OXY +0.78%

Energy stocks were mostly higher Friday, with the NYSE Energy Sector Index rising 1.1% while shares of energy companies in the S&P 500 also were up 1.1% as a group. Crude oil for March delivery was up $1.06 at $54.08 per barrel while March natural gas futures were 10 cents lower at $3.04 per 1 million BTU.

In company news, TransGlobe Energy Corp ( TGA ) surged Friday after the exploration and production company today said it signed a $75 million crude oil prepayment agreement and marketing contract .

TransGlobe expects to use the first advance it receives through the pact to refinance the company's 6.00% convertible debentures due March 31, adding it will likely provide more details about that transaction before the end of February. Future proceeds will help the company meet its working capital needs.

TGA shares were up more than 9% at $1.79 each, staying within 4 cents of their session high.

In other sector news,

(+) NE, (+13.1%) Adjusted Q4 net of $0.15 per share was $0.07 smaller than the analyst consensus. Revenue declines 52.2% from year-ago levels to $410.16 mln, also exceeding the $391.93 mln Capital IQ consensus.

(-) FET, (-8.9%) Non-GAAP Q4 net loss edges out the analyst mean by $0.01 per share. Revenue falls 25% from last year to $147.1 mln, roughly in-line with the $146.43 mln Street view.

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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