Top Energy Stocks
Energy stocks remain narrowly higher in late trade, with the NYSE Energy Sector Index still rising almost 0.3% while shares of energy companies in the S&P 500 were up about 0.1% as a group, reversing an earlier decline. Crude oil for October delivery settled 7 cents lower at $49.09 per barrel while October natural gas futures fell 2 cents to $2.98 per 1 million BTU.
In company news, Tellurian Inc. ( TELL ) slumped Thursday, falling as much as 5.5% to a session low today of $9.81 a share, after the oil and natural gas producer last night said it was buying gas-producing assets and undeveloped acreage in northern Louisiana from a private seller for $85.1 million.
The transaction is slated to close before Nov. 30 and includes about 9,200 net acres and up to 138 operated Haynesville and Bossier drilling locations. Overall, the acquired properties are estimated to contain 1.3 trillion cubic feet of potential natural gas resources.
Citing data from Platts LNG Daily, Tellurian CEO Meg Gentle also said last night that Tuesday's rise in the price of liquefied natural gas to $5.67 per 1 million BTU was the price signal it is time to construct additional liquefaction capacity.
In other sector news,
(+) MTRX, Fiscal Q4 sales decline 18.9% from year-ago levels to $291.8 mln, beating the $281.8 mln consensus. Also reports Q4 net loss of $0.04 per share, reversing a $0.34 per share profit last year but still matching the analyst mean. Guides FY17 sales above Street.
(-) WLL, Today discloses plans for a reverse stock split of between 1-for-2 to 1-for-6 in a bid to increase its per-share stock price and improve the stock's marketability.
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