Markets

Energy Sector Update for 09/11/2015: LINE,MEMP,HCLP,BWP,CPPL,VNR,ENBL,CLNE

Top Energy Stocks

XOM -0.11%

CVX -0.09%

COP -2.52%

SLB -0.90%

OXY -1.73%

Energy stocks were finishing off their worst levels of Friday trading, with the NYSE Energy Sector Index sinking nearly 1.2% while shares of energy companies in the S&P were down 1.1% as a group in late trade. Crude oil for November delivery settled $1.29 lower at $44.63 per barrel while November natural gas futures rose 1 cent to $2.77 per 1 million BTU.

In company news, Linn Energy LLC ( LINE ) slumped Friday after the energy master limited partnership was dropped from the Alerian MLP Index (AMZ) and the Alerian MLP Equal Weight Index (AMZE), effective after the end of trading on Sept 18.

Also being dropped from the specialty indices are Memorial Production Partners ( MEMP ) and Hi-Crush Partners LP ( HCLP ). The three stocks are being replaced by Boardwalk Pipeline Partners ( BWP ), Columbia Pipeline Partners ( CPPL ) and Vanguard Natural Resources (VNR). Both indices have 50 component companies.

LINE shares were down over 11% at $3.11 apiece, or 8 cents above their session high. Over the past 12 months, the stock already had fallen nearly 89% in value prior to today's retreat.

In other sector news,

(+) CVX, Raised to Overweight from Neutral at JPMorgan, which also set an $86 price target for the stock.

(-) CLNE, Co-founder T. Boone Pickens files to sell up to 3 mln shares of the company's stock. CEO said Pickens "remains as bullish as ever" about CLNE and its prospects.

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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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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