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Energy Sector Update for 02/14/2017: URRE,UUUU,STNG,GEVO

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Top Energy Stocks

XOM -0.54%

CVX -0.40%

COP +0.20%

SLB +0.18%

OXY -1.35%

Energy stocks were mostly lower Tuesday, with the NYSE Energy Sector Index dropping about 0.4% while shares of energy companies in the S&P 500 were down nearly 0.3% as a group. Crude oil for March delivery was up 20 cents at $53.13 per barrel while March natural gas futures were extending their recent skid, falling four cents lower to $2.90 per 1 million BTU.

In company news, Uranium Resources ( URRE ) was surging Tuesday after the miner last night narrowed its per-share FY16 net loss compared with the prior-year period, trimming its net loss for the 12 months ended Dec. 31 to $3.73 per share from $5.63 per share during FY15.

On a reported basis, the company lost just over $19.6 million last year compared with its $15.1 million FY15 net loss. It said the larger net loss during FY16 was largely due to a $4.3 million gain on the sale of the company's former Roca Honda project to Energy Fuels Inc. ( UUUU ) and which was used to pay off existing debt and resulted in a $3.3 million non-cash charge for early extinguishment of debt.

Uranium Resources had no FY16 revenue and there were no analyst estimates available for comparison.

URRE shares were up over 10% today at $2.56 each, staying within eight cents of their session high.

In other sector news,

(+) STNG, (+8.3%) Upgrade to Overweight from Equal-Weight at Morgan Stanley.

(-) GEVO, (-31.8%) Falls to record low after pricing $11.9 mln public offering, selling Series G units consisting of one share of common stock and a five-year Series K warrant to buy another share at $2.35 and a nine-month Series M warrant to buy one share at $2.35. Also sells 570,000 pre-funded warrants at $1.89 each.

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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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