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Energy Stocks, Crude Oil On the Rise; Oil States International Hits 52-Week High on Spin-Off Plans

Top Energy Stocks

XOM +0.19%

CVX +0.45%

COP +0.77%

SLB +0.16%

OXY +1.01%

Energy stocks are higher, with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 are up about 0.6% as a group. Crude oil for September delivery is up $1.18 at $104.26 per barrel while September natural gas is up a penny to $3.45 per 1 mln BTU.

In company news, Oil States International Inc. ( OIS ) is up 0.5% to $97.39 a share, earlier climbing to a new 52-week high of $104.00 a share after last night announcing plans to spin-off its accommodations business into separate publicly traded company through a tax-free distribution to shareholders next summer.

Separately, OIS last night reported Q2 earnings of $1.50 per share, excluding $0.12 of non-recurring items, missing the analyst consensus by $0.01. Revenue declined 4.6% year over year to $1.04 billion, in-line with forecasts.

In other sector news,

(+) REGI, (+6.6%) Reports Q2 earnings of $0.62 per share, beating the Capital IQ consensus by $0.04. Revenue climbs 42.4% year over year to $387.1 million, topping estimates by $85.71 million.

(-) STNG, (-3.0%) Prices offering of 20 million shares of its common stock at $9.50 each. Net proceeds will be used to purchase additional product tanker vessels and LPG carriers.

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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