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Engery Sector Update for 02/11/2015: PSTR,JPMFTI,JONE

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Top Energy Stocks

XOM -0.38%

CVX -0.11%

COP -0.18%

SLB -0.42%

OXY -1.83%

Energy stocks extended their losses this afternoon, with the NYSE Energy Sector Index sinking about 1.2% in late trade while shares of energy companies in the S&P 500 were down 0.7% as a group. Crude oil for March delivery settled $1.18 lower at $48.84 per barrel while March natural gas futures rose 12 cents to $2.80 per 1 million BTU.

In company news, PostRock Energy Corp ( PSTR ) plunged Wednesday after the oil and natural gas company late yesterday said it hired Evercore Group to assist with exploring strategic alternatives, explaining that with the industry challenges created by commodity prices, it was prudent to have an outside advisor assist with its review.

The company also said it named Alexander Lynch from privately held White Deer Energy to the PSTR board. Prior to White Deer, Lynch had been global chairman for investment banking at J.P. Morgan ( JPM ).

PSTR shares were down more than 16% at $5.24 a share, maintaining a small margin over it session low of $5.02 a share. The stock has traded within a 52-week range of $1.02 to $16.30 a share, declining more than 51% over the past 12 months through Tuesday's close.

In other sector news,

(+) FTI, Discloses plans to cut nearly 2,000 jobs, or about 10% of its global workforce, after the steep price drop for oil has producers shelving new projects. Q4 EPS trails analyst projections but revenue tops Street view.

(-) JONE, Prices $77 mln public offering of 7.5 mln shares at $10.25 each, a 9.5% discount to Tuesday's closing price for the stock. Also sells 4.76 mln shares to Magnetar Capital and a Blackstone Group ( BX ) affiliate at $10.50 apiece, generating $50 mln in gross proceeds.

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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