Energy Sector Update for 04/10/2015: WFT,MTDR,WLL
Top Energy Stocks
Energy stocks were moderately higher today with the NYSE Energy Sector Index rising 0.4% while shares of energy companies in the S&P 500 were up 0.5% as a group. Crude oil for May delivery settled 85 cents higher at $51.64 per barrel while May natural gas futures fell 2 cents to finish at $2.51 per 1 million BTU.
In company news, Weatherford International ( WFT ) was slightly lower in late Friday trading, drifting just under its break-even mark for most of today's session despite an upgrade of the oilfield-services company today to Outperform from Sector Perform by RBC Capital Markets.
The RBC Capital analysts also raised their price target for the stock by $5 to $19 a share.
The upgrade follows the company late yesterday telling analysts and investors it will lay off another 8,000 workers during the first half of 2015, with CEO Bernard Duroc-Danner describing the current business downturn "a once-in-a-lifetime industry change." WFT fired 6,000 employees in 2014.
WFT shares were off just 0.1% at $13.84 each, down 3 cents, falling from a peak of $14.20 a share soon after the opening bell. The stock has traded within a 52-week range of $9.40 to $24.88 a share, falling 19% over the past 12 months prior to today's trading.
In other sector news,
(+) MTDR, Northland Capital raises price target by $2 to $30 a share, maintaining Outperform rating. Last night prices upsized $400 mln offering of 6.876% senior unsecured notes due 2013 at par.
(-) WLL, 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.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.