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Energy Sector Update for 08/23/2016: GPRE,ABGBY,TNP,BAS

Top Energy Stocks

XOM -0.3%

CVX -0.1%

COP +1.3%

SLB -0.1%

OXY +0.8%

Energy stocks rose Tuesday, with the NYSE Energy Sector Index (^NYE) climbing about 0.5% while shares of energy companies in the S&P 500 ( XLE ) were up almost 0.7% as a group in late trade. Crude oil for September delivery (GCN16.CMX) settled 69 cents higher at $48.10 per barrel.

In company news, Green Plains ( GPRE ) was higher in late trade after earlier Tuesday saying it was the successful bidder for three ethanol plants put up for sale by Abengoa (ABGBY) Bioenergy, paying a combined $237 million in cash, plus certain working capital adjustments.

The sale was completed through the U.S. Bankruptcy Court, with Green Plains acquiring ethanol facilities in Madison, Ill., Mount Vernon, Ind. and York, Neb. The plants have a combined yearly production capacity of around 236 million gallons.

GPRE shares were up more than 6% at $24.87 each, earlier climbing to a new 52-week high of $25.01 a share.

In other sector news,

(+) TNP, Takes delivery of a 74,200 dead-weight tonnage Panamax product tanker in South Korea that will immediately begin a profit sharing contract of up to 78 months with an unnamed oil major company and generating around $40.5 mln in minimal gross revenue.

(-) BAS, Receives non-compliance notice from the New York Stock Exchange after its average global market capitalization and its shareholders' equity both fell below the NYSE's $50 mln minimums.

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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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