Energy Sector Update for 04/13/2015: ECA,FRO,BAS
Top Energy Stocks ECA,FRO,BAS
Energy stocks were extending their earlier losses with the NYSE Energy Sector Index sinking 0.7% while shares of energy companies in the S&P 500 were down 0.9% as a group.
In company news, Encana ( ECA ) was little changed shortly before the closing bell after the Canadian oil and natural producer was raised to Buy from Neutral in an upgrade today at Bank of America Merrill Lynch.
Price target information was not available.
ECA shares were down about 0.1% at $11.56, or just 2 cents above their session low.
In other sector news,
(+) FRO, Rising confidence the oil tanker company will have the necessary funds to pay off the remaining $125 million of its 4.5% convertible bonds issued in April 2010 and coming due on Wednesday, April 15.
(-) BAS, Well servicing rig count during March remains unchanged from prior month at 421. Rig utilization rate also steady for February levels at 55% but down from 75% in March 2014.
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