Markets

Energy Sector Update for 04/06/2015: MPO,EVEP,WPZ,WMB,MHR

Top Energy Stocks

XOM +1.43%

CVX +2.11%

COP +3.41%

SLB +2.88%

OXY +3.07%

Energy stocks were broadly higher Monday, with the NYSE Energy Sector Index rising almost 2.2% and the S&P Energy Index climbing about 2.2%. Crude oil for May delivery was up $2.54 to to $51.68 per barrel while May natural gas futures were down 1 cent at $2.64 per 1 million BTU.

In company news, Midstates Petroleum Co ( MPO ) rose Monday after the oil and natural gas producer said it recently received notice from the New York Stock Exchange its share price had fallen under the NYSE minimum of at least $1 a share, risking a potential delisting.

Under NYSE rules, MPO can avoid delisting if it can raise its share price above $1 on the last trading day of any month over the next six months as well as lifting its average price above $1 over the prior 30 trading days.

MPO shares were up nearly 4% at 95 cents a share, earlier climbing as high as 97 cents a share. The stock has traded within a 52-week range of 72 cents to $7.50 a share, falling nearly 82% over the past 12 months prior to Monday's advance.

In other sector news,

(+) EVEP, (+5.9%) Williams Partners ( WPZ ) agrees to increase its ownership stake by another 21% to 70% in the Utica East Ohio Midsteam Partner for around $575 mln. In a related move, Williams ( WMB ) agrees to waive around $43 mln in incentive distribution right payments through 2017.

(-) MHR, (-8.6%) Reduced to Hold from Buy at Wunderlich Securites, which also set a $2.20 a share price target for the stock.

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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