Energy Sector Update for 12/21/2015: RICE,AMID,MNGA
Top Energy Stocks
Energy stocks fell Monday, with the NYSE Energy Sector Index down over 0.7% while shares of energy companies in the S&P 500 were down almost 0.5% as a group. Crude oil for February delivery settled 25 cents lower at $35.81 per barrel while January natural gas futures jumped 12 cents higher to $1.99 per 1 million BTU.
In company news, Rice Energy ( RICE ) rose Monday after the natural gas and oil producer said an unnamed energy infrastructure fund plans to invest up to $500 million in preferred equity in its wholly-owned Rice Midstream Holdings subsidiary.
At closing, Rice Energy plans to use $375 million of the new funding to all outstanding debt under the Rice Midstream Holdings' revolving credit facility, with any remaining funds used to Rice Energy's 2016 development of its wells in the Marcellus and Utica shale formations.
RICE shares were up more than 9% at $9.20 each in late trade, earlier climbing as high as $9.47 a share.
In other sector news,
(+) AMID, ArcLight approves stock-purchase program for up to $75 mln of AMID equity units.
(-) MNGA, Negative Seeking Alpha article by anonymous short-seller says MNGA international partners were either "nonexistent, defunct or unviable." Company responds by saying the article contains "multiple instances of "materially false and misleading information."
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