Top Energy Stocks
Energy stocks were lower Tuesday with the NYSE Energy Sector Index sinking over 1.8% while shares of energy companies in the S&P 500 were down about 0.7% as a group. Crude oil for August delivery was continuing its recent skid, down $1.59 to $50.72 per barrel while August natural gas futures were 6 cents lower at $2.71 per 1 million BTU.
In company news, Schlumberger ( SLB ) shares have turned narrowly lower in mid-day trade, giving back an opening advance that followed Scotia Howard Weil earlier Tuesday designating the oilfield-services company as one of its Focus Stocks.
In addition to raising its investment call for the company from Sector Outperform, the research shop today also set a $100 price target for Schlumberger shares.
SLB shares were down about 0.3% at $83.27 apiece, easing from a small rise to $83.67 a share soon after today's opening bell.
In other sector news,
(+) LGCY, (+8.3%) Inks deal with TPG Special Situations Partners to jointly develop its properties in the Permian Basin. Also buys natural gas properties and gathering assets in eastern Texas from Anadarko Petroleum ( APC ) and Western Gas Partners ( WES ) for combined $440 million.
(-) DNN, (-4.7%) Announces $375 million merger with Fission Uranium Corp (FCU.TO), with shareholders of the Canadian miner receiving 1.26 DNN shares plus $0.0001 a share in cash, valuing FCU.TO at C$1.25 a share.
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