Markets

Energy Sector Update for 08/29/2017: UPL,ARCX,CGG

Top Energy Stocks

XOM -0.18%

CVX +0.03%

COP -0.60%

SLB 0.00%

OXY -0.09%

Energy stocks pared much of their prior losses from earlier today, with the NYSE Energy Sector Index turning narrowly higher in recent minutes, rising less than 0.1% while shares of energy companies in the S&P 500 were down less than 0.2% as a group. Crude oil for October delivery settled 13 cents lower at $46.44 per barrel while September natural gas futures rose 4 cents to $2.96 per 1 million BTU.

In company news, Ultra Petroleum ( UPL ) was up almost 5% late in Tuesday trading, with shares of the oil and natural gas producer staying within close distance of its session high of $8.01 each after analysts at the KLR Group today beginning coverage of the energy company with a Buy rating and a $14 price target.

In other sector news,

(+) ARCX, Agrees to $170.8 mln buyout offer from Zenith Energy U.S. LP, which will pay $16.50 per unit in cash to all ARCX investors other than Lightfoot Capital Partners, which will receive $14.50 for each of its 5.2 mln common units.

(-) CGG, Begins work on Espirito Santo IV, a large 3D, multi-client survey in the deep and ultra-deep waters of the Espirito Santo Basin offshore Brazil.

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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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