Markets

Energy Sector Update for 04/10/2015: CIE,MTDR,WLL

Top Energy Stocks

XOM +1.42%

CVX +0.24%

COP -0.45%

SLB +0.66%

OXY +0.43%

Energy stocks were moderately higher, with the NYSE Energy Sector Index rising 0.4% while shares of energy companies in the S&P 500 also were up 0.4% as a group. Crude oil for May delivery was up 85 cents at $51.64 per barrel while May natural gas futures were up a penny to $2.54 per 1 million BTU.

In company news, Cobalt International Energy ( CIE ) declined Friday after the oil and natural gas company said it has plugged and abandoned its North Platte No. 2 appraisal well in the deepwater Gulf of Mexico due to a seal failure in the riser connection system.

The well had reached a depth of 20,701 feet when the problem with the riser was detected. The well was permanently abandoned prior to reaching any geological targets, the company said.

The company said it should spud the North Platte No. 3 well during the next two weeks, with well results expected during the second half of the year.

CIE shares were down almost 2% at $10.11 each, earlier falling as low as $10.03 a share. The stock has traded within a 52-week range of $7.40 to 19.77 a share, already retreating 42% over the past 12 months ahead of Friday's decline.

In other sector news,

(+) MTDR, (+2.2%) Northland Capital raises price target by $2 to $30 a share, maintaining Outperform rating. Last night, priced upsized $400 mln offering of 6.876% senior unsecured notes due 2013 at par.

(-) WLL, (-0.6%) Cut to Hold from Buy at Canaccord Genuity, citing valuation. The research shop also trimmed its price target for the stock by $1 to $34 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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