Markets

Energy Sector Update for 12/10/2015: TRP,TRP.TO,TPLM,FTI

Top Energy Stocks

XOM +1.03%

CVX +2.05%

COP +2.33%

SLB -0.01%

OXY +0.75%

Energy stocks were edging lower from their session highs as the broader market slows its advance, although the NYSE Energy Sector Index rising was still rising nearly 0.4% while shares of energy companies in the S&P 500 were up more than 0.7% as a group. Crude oil for January delivery was down 24 cents at $36.92 per barrel while January natural gas futures were 1 cent lower at $2.02 per 1 million BTU.

In company news, shares of TransCanada Corp (TRP,TRP.TO) were higher Thursday after the Canadian pipeline company today said it recently signed agreements for its proposed liquidified natural gas pipeline project with three more aboriginal groups in northern British Columbia.

The new pacts with the Burns Lake Indian Band, Blueberry River First Nations and the Lheidli T'enneh First Nation outline new pacts outline the financial benefits as well as TransCanada's commitments to the native communities for as long as the Coastal GasLink pipeline project is in service. Overall, the company now has signed nine project contracts with First Nations living along the proposed pipeline's route spanning the northern tier of the province and connecting natural gasfields in northeast British Columbia with export facilities on the Pacific coast.

TRP shares were up nearly 2% this afternoon at $32.70, easing from a session high of $33.21 a share earlier in today's trading. TRP.TO shares also were rising Thursday, recently adding about 2.3% to reach C$44.85 at the Toronto Stock Exchange.

In other sector news,

(+) TPLM, (+11.2%) Price target lowered by $2.75 to $2 a share at Canaccord Genuity but keeps Buy rating.

(-) FTI, (-2.8%) Technip refutes reports it was discussing a potential tie-up with FTI, saying "there are no ongoing discussions with respect to such transactions." Bloomberg yesterday had reported Technip and FTI were in negotiations, citing people with knowledge of the talks.

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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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