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Energy Stocks, Hydrocarbons All Trading Higher; NewLead Holdings Jumps After Unnamed Investor Puts Up $236 Million

Top Energy Stocks

XOM +0.8%

CVX +0.6%

COP +0.1%

SLB +1.2%

OXY +0.8%

Energy stocks are higher with the NYSE Energy Sector Index gaining 0.7% and the S&P Energy Index rising 0.6%. Crude oil for February delivery is up 95 cents to $94.05 per barrel. February natural gas is up 10 cents to $3.21 per 1 million BTU.

In company news, NewLead Holdings Ltd. ( NEWL ) is up 14% at around $2.14 a share, but well down from a session high of $2.73 after the tanker and shipping firm said it received a $236.4 million capital contribution in the form of industrial metal from an unidentified investor in exchange for a 36.8% equity stake in the company. NEWL executives said the new investment will be used as collateral for loans supporting its capital-intensive activities. The new investor, who will not have board representation, has pledged to hold its new shares for at least 18 months.

In other sector news,

(+) RDC, (+2%) Sociente Generale initiates coverage with a Hold rating and a $36 price target.

(+) GEL, (+1.6%, hit new 52 week highs) Pipeline company raises Q4 distribution by $0.045 a share to $0.485 payable Feb. 14 to shareholders of record on Feb. 1.

(+) ACTG, (+0.8%) Expanding its business to include patented technologies such as solids-separation from drilling fluids used in oil and gas wells.

(+) ARP, (+0.3%) Launches $250-million private placement of senior, unsecured notes. Proceeds will be used to pay down borrowings under its revolving credit facility.

(+) NE, (+0.1%, has turned positive) Started at Buy and a $48 price target at Societe Generale.

(+) KOG, (+0.4%, has turned positive) Launches $300-million offering of senior notes maturing in 2021. Proceeds will be used to pay down existing debt.

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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