Markets

Energy Sector Update for 05/02/2016: ULTR,TEGP,MEP

Top Energy Stocks

XOM +0.68%

CVX +1.02%

COP -2.18%

SLB -1.48%

OXY -0.68%

Energy stocks have pared much of their earlier declines, climbing relatively close again to the break-even mark and the NYSE Energy Sector Index falling nearly 0.3% while shares of energy companies in the S&P 500 were down about 0.2% as a group.

In company news, Ultrapetrol ( ULTR ) shares soared Monday after this morning saying it was continuing talks with its secured lenders to extend their existing forbearance agreements with the oil tanker company through the end of the new month.

The forebearance agreements expired yesterday, April 30, but the company said it remains confident it can negotiate a consensual financial restructuring pact, adding it has "sufficient liquidity" to fully fund all aspects of its operations as usual. It also will be making full and timely payments to employees, vendors, suppliers and trading counterparties, according to the company's statement.

ULTR shares were up almost 73% at 48 cents apiece, at one point today racing to a nearly 200% increase at 82 cents a share.

In other sector news,

(+) TEGP, Raised to Buy from Hold with a $25 price target at Stifel.

(-) MEP, Q1 revenue falls 50.6% from last year to $431.9 mln, missing the $798.12 mln two-analyst consensus by a wide margin. Also reports $0.12 per share adjusted net loss of $0.12 per share, beating Street view by $0.05.

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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