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Energy Sector Update for 04/07/2017: BCEI,BPT,OAS,BP,STO

Top Energy Stocks

XOM -0.33%

CVX -0.45%

COP -0.80%

SLB -0.56%

OXY -0.47%

Energy stocks turned negative in late Friday trading after giving back earlier gains and with the NYSE Energy Sector Index falling over 0.5% while shares of energy companies in the S&P 500 also were down 0.5% as a group. Crude oil for April delivery settled 54 cents higher at $52.24 per barrel while April natural gas futures fell 7 cents to $3.26 per 1 million BTU.

In company news, Bonanza Creek Energy ( BCEI ) was climbing Friday after a federal judge this morning signed off on the cash-strapped oil and natural gas producer's reorganization plan.

The ruling in U.S. Bankruptcy Court in Delaware sets the stage for Bonanza Creek to emerge from bankruptcy protection before the end of April and also will result in the company receiving $200 million in new liquidity.

BCEI shares were up more than 2% this afternoon at 97 cents apiece, earlier jumping out to a 30.8% increase and a session high of $1.25 a share.

In other sector news,

(+) BPT, Announces 10.4% increase in Q1 distribution compared with prior quarter to $1.0983038 per unit.

(-) OAS, Stifel begins analyst coverage with a Hold rating and a $13 price target.

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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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