Energy Sector Update for 04/08/2015: WRES,OPTT,TRCH
Top Energy Stocks
Energy stocks were broadly lower, with the NYSE Energy Sector Index dropping 1.0% and the S&P Energy Index sinking 0.5%. Crude oil prices plunged Wednesday after a government report found a much larger-than-expected rise in inventories last week, with crude oil for May delivery falling $3.07 to $50.91 per barrel. May natural gas futures were down 5 cents to $2.63 per 1 million BTU.
In company news, Warren Resources Inc. ( WRES ) turned lower Wednesday, giving back earlier gains tmade after Noble Financial began coverage of the oil and natural gas company with a Buy rating and a $1.85 price target.
WRES shares recently were down more than 3% at 95 cents apiece, reversing an opening advance to $1.03 a share. The stock has traded within a 52-week range of 84 cents to $7.02 a share, already declining 79% over the past 12 months prior to Wednesday's skid.
In other sector news,
(+) OPTT, (+24.2%) Advances to next-stage work after U.S. Department of Energy completes stage-gate review for the company's Power Take-off technology, evaluating the PowerBuoy accessory for costs, reliability and efficiency as well as a drop in levelized cost of energy.
(-) TRCH, (-13.5%) Announces plans to divest certain properties in Logan and Kingfisher Counties, Okla., with lease rights and current production sold separately. The company already has been in talks with interested parties and expects to identify a buyer shortly. Proceeds will be used to retire debt.
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