Top Energy Stocks
Energy stocks were continuing to extend their strong gains this afternoon, with the NYSE Energy Sector Index rising over 1.5% while shares of energy companies in the S&P 500 were up more than 1.8% as a group. Crude oil for October delivery was up 57 cents at $49.23 per barrel while October natural gas futures were 4 cents higher at $3.01 per 1 million BTU.
In company news, equity units of Emerge Energy Services LP ( EMES ) rose, topping out at $7.32 each after analysts at Janney began coverage of the oilfield services company with a neutral investment recommendation and a price target of $8 per unit.
The move follows Emerge early last month reporting a $0.20 per unit GAAP net loss during the three months ended June 30, improving significantly on a $0.95 per unit loss during the same quarter last year. Revenue surged to $82.6 million from $24.8 million.
Analysts, on average, were expecting the company to turn in a $0.10 loss per share on $97.2 million in revenue during the April-to-June reporting period.
In other sector news,
(+) LTBR, (+8.9%) Signs binding agreement to form a 50/50 joint venture in early 2018 with AREVA NP to develop, manufacture and commercialize Lightbridge's advance metallic fuel technology.
(-) IO, (-5.4%) Forms collaboration with PlanSea Solutions Ltd to improve the efficiency of offshore supply vessel logistics by embedding PlanSea's logistics optimization algorithms into ION's Marlin offshore operations optimization software.
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