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CIR

Energy Sector Update for 02/17/2017: AE,MTDR,CIR

Top Energy Stocks

XOM -0.83%

CVX -0.77%

COP -2.33%

SLB -0.63%

OXY -1.02%

Energy stocks were mostly lower again on Friday, with the NYSE Energy Sector Index falling about 0.9% while shares of energy companies in the S&P 500 were down nearly 0.8% as a group. Crude oil for March delivery was down 22 cents at $53.53 per barrel while March natural gas futures were a penny higher at $2.87 per 1 million BTU.

In company news, Adams Resources & Energy ( AE ) was fractionally higher in Friday trade after the petroleum wholesaler and transportation company last night declared a quarterly cash dividend of $0.22 per share, unchanged from its most recent distribution and payable March 24 to shareholders of record on March 10.

The company also said it expects to report its Q4 financial results during the week of March 13. No analyst estimates for the October-to-December period were available for Adams Resources.

AE shares were holding on to a 0.6% gain at $41.45 each, or roughly mid-way through today's trading range of $41.26 to $41.85 per share

In other sector news,

(+) MTDR, (+1.3%) Forms joint venture for its midstream assets in the Delaware basin with Five Point Capital Partners paying $176.4 mln in exchange for a 49% stake. MTDR will continue to operate pipelines and other assets and is eligible for up to $73.5 mln in deferred performance incentives over the next five years.

(-) CIR, (-12.4%) KeyBanc Capital Markets downgrade to Sector Weight from Overweight. Also, Stifel lowers its investment rating to Hold from Buy but increases price target by $5 to $74 a share.

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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