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Energy Sector Update for 10/06/2015: CJES,NBR,UNT,SHIP

Top Energy Stocks

XOM +1.72%

CVX +3.56%

COP +4.07%

SLB +2.66%

OXY +1.60%

Energy stocks were posting big gains Tuesday, with the NYSE Energy Sector Index rising 2.6% while shares of energy companies in the S&P 500 were up 2.3% as a group. Crude oil for November delivery settled $2.27 higher at $48.53 per barrel while November natural gas futures rose 2 cents higher to $2.47 per 1 million BTU.

In company news, C&J Energy Services Ltd. ( CJES ) rallied Tuesday, with the oilfield-services company suffering no apparent ill effects from its disclosure it is not in compliance with the New York Stock Exchange rules requiring listed companies to maintain a majority of independent directors on their boards.

The NYSE last week notified the company it had fallen out of compliance when John Kotts Sept. 29 stepped down as a director after only six months on the C&J Energy Services board. Kotts had been one of three board members selected by Nabors Industries ( NBR ), which has yet to name a successor.

CJES shares were up almost 23% at $5.01 apiece, earlier climbing to a session high of $5.12 a share.

NBR shares also were higher today, rising almost 11% to $11.51 a share, down just a penny from its session high.

In other sector news,

(+) UNT, Doubles FY15 production forecast, now expecting its oil and natural gas segment to grow between 6% to 8% this year compared with prior projections looking for 2% to 4% growth.

(-) SHIP, Takes delivery of 56,819-ton Supermax dry bulk ship with a gross purchase price of around $183 mln.

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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