Top Energy Stocks
Energy stocks were falling Friday, with the NYSE Energy Sector Index Thursday dropping almost 1.4% while shares of energy companies in the S&P 500 were down slightly more than 1.1% as a group. West Texas Intermediate crude oil for October delivery was slipping 37 cents cents to $69.88 per barrel at the New York Mercantile Exchange while the global benchmark Brent crude October contract was declining 32 cents to $77.45 per barrel. September natural gas futures were 5 cents higher at $2.92 per 1 million BTU. Among energy-related ETFs, United States Oil was dropping about 0.3% while United States Natural Gas was racing to a nearly 1.2% gain. The Philadelphia Oil Service Sector index was down over 1.5% this afternoon.
Among energy stocks moving on news:
(-) MagneGas ( MNGA ) dropped to a record low on Friday, falling almost 17% to a worst-ever 19 cents a share, despite the biofuels company reporting a nearly 300% spike in July sales over year-ago levels, rising to $900,000 from only $230,000 in sales during July 2017. The increase was largely driven by a strong rebound in sales in Florida as well as an uptick by the company's operations in northern California under the Trico Welding Supplies brand. MagneGas' Green Arc Supply brand in East Texas also recently acquired several new clients from rival industrial gas firms.
In other sector news
(+) Penn Virginia ( PVAC ) climbed more than 1% on Friday following reports the oil and natural gas producer has reached out to prospective buyers in advance of a formal sale process set to begin next month. The company already has contacted Hilcorp Energy and WildHorse Resource Development ( WRD ), Bloomberg reports, citing unidentified sources, who also said Penn Virginia will open a data room and solicit initial offers during September.
(-) Southcross Energy ( SXE ) was nearly 4% lower Friday afternoon, paring a portion of its 6% decline that followed the natural gas pipeline and gathering company saying it received a delisting warning from the New York Stock Exchange after its share price fell below the NYSE $1 minimum. Under NYSE rules, Southcross has six months to regain compliance.
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