Top Energy Stocks
Energy stocks were adding to their earlier gains with the NYSE Energy Sector Index rising 1.4% while shares of energy companies in the S&P 500 were up 1.7% as a group. Crude oil for May delivery settled 37 cents higher at $50.79 per barrel while May natural gas futures fell 9 cents at $2.53 per 1 million BTU.
In company news, Willbros Group Inc. ( WG ) was set to finish lower Thursday, giving back a small gain soon after today's opening bell that followed disclosure of a 16.6% active stake in the oilfield-services company by an affiliate of KKR & Co LP ( KKR ).
KKR Credit Advisors now owns slightly more than 10.1 million WG shares, following the company's March 31 private placement and credit agreement with KKR and other lenders, according to a regulatory filing today.
WG shares were down nearly 5% at $2.68 each, or just 6 cents above their session low. The stock has traded within a 52-week range of $1.50 to $13.69 a share, falling 77% over the past 12 months through yesterday's close.
KKR was unchanged in late trade at $22.51 a share.
In other sector news,
(+) PXD, Stifel Nicolaus resume analyst coverage with a Buy rating and a $195 price target.
(-) MEMP, Prices $77.4 mln secondary offering of nearly 4.66 mln units previously owned by MRD Holdco LLC at $16.60 each, a 4.4% discount to Wednesday's closing price for the stock.
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