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RRC

Energy Sector Update for 05/08/2015: RRC,MNGA,NOG

Top Energy Stocks

XOM +1.61%

CVX +1.02%

COP +0.81%

SLB +2.48%

OXY +0.31%

Energy stocks were extending their gains in late trade with the NYSE Energy Sector Index rising over 1.8% while shares of energy companies in the S&P 500 were up more than 1.6% as a group. Crude oil for June delivery settled 45 cents higher at $59.39 per barrel while June natural gas futures rose 15 cents to $2.88 per 1 million BTU.

In company news, Range Resources ( RRC ) rose Friday after the oil and natural gas producer late yesterday priced an upsized $750 million private placement of 10-year senior notes carrying a 4.875% yearly coupon.

The company and underwriters added another $250 million of the notes to the original size of the offering shortly before pricing it at par.

Range Resources plans to use the expected $738 million in net proceeds to repay bank debt being used to redeem all of the company's existing 6.75% senior subordinated notes due 2020.

RRC shares recently were up almost 6% at $64.40 each after earlier climbing to a session high of $64.70 a share. The stock has traded within a 52-week range of $43.88 to $94.26 a share, falling more than 29% over the past year prior to today's advance.

In other sector news,

(+) MNGA, Announces a "major" U.S. cement company has made its first order of Magnegas to replace its use of acetylene. Roll-outs at additional locations are expected over the next few weeks.

(-) NOG, Reports Q1 net loss of $0.10 per share, $0.22 wider than Capital IQ consensus. Revenue fell 7.3% year over year to $76.1 mln, lagging the Street view by around $18.25 mln. Production grew 28% over year-ago levels.

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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