Top Energy Stocks
Energy stocks were mixed Tuesday afternoon, with the NYSE Energy Sector Index rising nearly 0.1% while shares of energy companies in the S&P 500 were down nearly 0.3% as a group. Crude oil for June delivery was down 2 cents at $48.83 per barrel while June natural gas futures were trading 12 cents lower at $3.23 per 1 million BTU.
In company news, Lilis Energy ( LLEX ) climbed to a new record high on Tuesday, rising nearly 5% to $5.50 a share in recent trading after the oil and natural gas producer reported a 365% increase in average daily production since the end of 2016 through last Monday, May 8.
Production has grown to average 1,630 barrels of oil equivalent per day by last week compared with just 350 barrels per day on Dec. 31, 2016, the company said, also reaffirming its production forecast expecting a daily exit rate between 5,000 to 5,300 barrels of oil equivalent by Dec 31.
Separately, Lilis today said it last month negotiated a new term loan package providing up to $140 million in debt financing, which the company expects to use to support additional drilling as well as more property acquisitions.
In other sector news,
(+) WTTR, (+2.2%) At least six brokerages begin analyst coverage today, including FBR & Co., which set an Outperform rating and a $23 price target. Piper Jaffray and Credit Suisse also began with Outperform ratings while Citigroup and Bank of America Merrill Lynch started the stock at Buy. JP Morgan had a Neutral rating for the stock with a $16 price target.
(-) VLO, (-2.3%) Goldman Sachs downgrade to Neutral from Buy.
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