Top Energy Stocks
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.
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