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Energy Sector Update for 06/29/2017: ALJ,DK,CRZO,COP

Top Energy Stocks

XOM -0.48%

CVX +0.32%

COP +1.42%

SLB +1.10%

OXY +1.04%

Energy stocks were moderately higher, with the NYSE Energy Sector Index rising less than 0.1% while shares of energy companies in the S&P 500 were up more than 0.4% as a group. Crude oil for August delivery was up 36 cents at $45.10 per barrel while August natural gas futures were a penny lower at $3.08 per 1 million BTU.

In company news, Alon USA Energy ( ALJ ) was lower Thursday afternoon, reversing earlier gains made after the refinery company last night said its shareholders voted to approve a series of proposals tied to Delek U.S. Holdings' ( DK ) $675 million acquisition of the company.

Alon shareholders were scheduled to vote again Thursday at another special meeting on the formal merger agreement, which calls on Delek to pay $12.13 for each of the Alon shares it doesn't already own. Assuming a positive vote, the deal is slated to close on July 1.

In other sector news,

(+) CRZO, (+3.7%) Prices $227.8 mln public offering of 15.6 mln shares of its common stock at $14.60 apiece, a 6.5% discount to Wednesday's closing price.

(+) COP, (+1.3%) Sells its property assets in the Barnett shale formation in northwestern Texas to an affiliate of Miller Thomson & Partners LLC for $305 mln. Expects deal will reduce FY17 production by less than 5 mln barrels of oil equivalent per day.

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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