Top Energy Stocks
Energy stocks were finishing narrowly lower, with the NYSE Energy Sector Index declining about 0.2% while shares of energy companies in the S&P 500 were down 0.4% as a group. Crude oil for November delivery settled 79 cents higher at $45.70 per barrel while November natural gas futures fell 4 cents to $2.63 per 1 million BTU.
In company news, Goodrich Petroleum ( GDP ) was unchanged in late Friday trading, giving back earlier gains that followed the oil and natural gas producer this morning said noteholders have agreed to exchange $158.2 million of its existing debt maturing in 2019 for $75 million of new three-year notes.
In addition to retiring its 8.875% senior notes in exchange for the new 8.875% second lien senior secured notes due 2018, several of the holders of the new second-lien notes will also receive warrants to buy up to 6 million shares of Goodrich common stock with an exercise price of $1.00 per share.
GDP shares were little changed at 70 cents each, earlier climbing to a session high of 75 cents a share. The stock had dropped more than 96% over the past year through Thursday's close.
In other sector news,
(+) GEL, Wunderlich begins analyst coverage with a Buy rating and a $50 price target.
(-) EMES, Falls to post-IPO low after cancelling FY15 distribution guidance, citing "difficult" market conditions in its Sand and Fuel segments, and prompting analyst downgrades at Stifel Nicolaus, Robert W. Baird & Co.
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