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Energy Sector Update for 04/21/2016: TLLP,CEQP,ICD

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Top Energy Stocks

XOM +0.58%

CVX +0.58%

COP -0.42%

SLB +0.37%

OXY +0.73%

Energy stocks were hanging on to moderate gains Thursday, with the NYSE Energy Sector Index rising 0.4% while shares of energy companies in the S&P 500 were up about 0.3% as a group. Crude oil for June delivery was down 24 cents at $43.94 per barrel while May natural gas futures were little changed at $2.06 per 1 million BTU.

In company news, Tesoro Logistics LP ( TLLP ) equity units have turned higher again in choppy Thursday trading after the oilfield services company late yesterday raised its quarterly dividend by nearly 4% over its most recent distribution to $0.81 per limited partnership unit, payable May 13 to investors of record on May 2.

The upcoming $0.03 per unit increase will be the 20th consecutive quarter the partnership has raised its dividend. Overall during the past four quarters, Tesoro Logistics has increased its distribution to its limited partners by 17% from $0.695 per unit during the year-ago period.

TLLP units were up about 1% at $46.93 in recent trade, recovering from several stumbles below its break-even level and climbing back near its $47.00 a share session high.

In other sector news,

(+) CEQP, (+45.4%) Announces 50% equity stake in a $2 bln joint venture with Con Ed ( ED ) to develop Crestwood's natural gas pipeline and storage business in Pennsylvania and New York. Also cuts quarterly dividend by 56% to $0.60 per share and lowers 2016 EBITDA estimates.

(-) ICD, (-19.4%) Prices upsized $38.5 mln public offering of 11 mln shares of its common stock at $3.50 each, a 28.7% discount to Wednesday's closing price. The company and underwriters added 3 mln shares to the deal just before pricing.

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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